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The fashionable West End area of London has been named as the world's most expensive place to rent office space, costing more than double of New York's 5th Avenue, Paris and Sydney, according to a study.
With the increasing rents in West End, London has beaten Hong Kong, hampered by a slowdown in global banking, as the most expensive city by 43 percent, the Daily Mail reports.
Digby Flower from property broker Cushman and Wakefield, which carried out the research, said that because of rising global demands, an average of 170 pounds per square foot of office space, including rent, service charges and property taxes, is the going rate in West End, the paper added.
Flower stated that rents are expected to grow further as London recovered from recession, and added that the city has consistently been sought after by multinational occupiers deriving from a wide range of business sectors.
The West End submarket of London is home to many technology, media, advertising and hedge fund companies, according to Flower.
Office space in Hong Kong costs an average of 119 pounds per square foot, according to the study.
This was seconded by 107 pounds in Rio de Janeiro, Brazil, followed by 84 pounds in Midtown Manhattan, New York. (ANI)