West End 'most expensive' for firms

West EndLondon's West End is the most expensive business district in the world, overtaking Hong Kong in the global rankings, according to a new study.

Property consultants DTZ said it cost around £15,000 a year to provide a work station for an employee in the West End, more than three times the global average.
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The study of 126 business districts in 49 countries included rents, property tax and maintenance costs.

Costs fell by almost 11% in the United States last year, driven by a reduction in the amount of space allocated to workers.

Richard Howard of DTZ, said: "These figures are a tangible reflection of the fact that London is a highly attractive place to locate a business.

"It should be observed, however, that the West End alone has many different characteristics and price points, and there are areas of the West End that can be occupied at a marked discount to prime Mayfair rents."

Karine Woodford of DTZ, added: "The US was undoubtedly one of the stories of the year, with occupancy costs per work station falling in every city.

"Demand for space was low, reflecting a sluggish labour market and weak corporate sentiment, but the biggest reason for the decline was a trend across the board for greater space efficiency.
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