8 March 2017 | Herpreet Kaur Grewal
London has been named the third most expensive city in the world for office space, behind New York and Hong Kong, says a report on office rental prices by Kit Out My Office.
The report looks at the cost of leasing office space of 10,000 square feet and associated business costs, such as property tax, service charges, and internet access.
But it says for businesses looking to relocate or start up in London, initiatives and grants are available, such as Enterprise Investment Schemes and R&D tax credits.
The top five most expensive cities in the world for office space are:
- New York
- Hong Kong
Alongside being named the third most expensive city for office space, the UK's decision to leave the EU has led to uncertainty and posed many questions that remain unanswered. For example, how will EU workers be treated? And will there be levies for companies that trade with Europe?
Although the above could cause businesses to look elsewhere, the Mayor of London, Sadiq Khan, recently announced that he would visit five major European cities next month to declare that London remains the number-one destination for investment and business.
The report concludes that although London is expensive, "it cannot be instantly dismissed as it is Europe's most accessible city, thanks to excellent transport connections. Furthermore, there are over 8 million Londoners and world-class universities for you to choose your workforce from".