THE MOST expensive workplace in the world is now in Hong Kong, knocking London’s West End from the top spot, according to figures from DTZ out yesterday.
The City of London has jumped to become the eighth most expensive location to run an office, with the cost per desk now £9,410 a year – a rise of 21 per cent on 2009.
The surge in City office costs was due to a revival in financial services and a continued lack of supply pushing rents up, DTZ said in its survey of 121 business districts across the world.
The UK property tax rating revaluation was another added cost from April 2010.
The West End is expected to be the fastest-growing rental market in Europe over the next five years with occupancy costs set to rise 5.1 per cent a year, compared to an expected four per cent annual growth in the City.