London becomes world’s third most expensive city for office space
The UK’s capital is among the top three most expensive cities in the world to rent office space, with New York topping the list and Hong Kong a close second.
Beijing comes in fourth position, just ahead of Shanghai. The figures were compiled by Kit Out Of My Office which analysed a report published by Colliers on office rental prices throughout the UK and the rest of the world.
The report looks at the cost of leasing office space of 10,000 square feet and associated business costs, such as service charges, property tax and internet access, over a 10 year rental agreement.
However, the report also points out that for businesses looking to relocate or start up in London, initiatives and grants were available, such as the Enterprise Investment Schemes and R&D tax credits.
The report goes on to add that London “cannot be instantly dismissed as it is Europe’s most accessible city, thanks to excellent transport connections, with over eight million Londoners and world-class universities for you to choose your workforce from.”
Stoke-on-Trent toped the survey as the cheapest place to rent office space in the UK, at £10.25 per square foot, three times cheaper than Manchester at £29.75.
Sara Williams, chief executive of Staffordshire Chambers of Commerce, said: “Our office space facilities are extremely competitive compared to the national average prices but we do not compromise on quality. “When you combine our geographic location in the heart of the country and easy access to the motorway, with the competitive office rental prices, this can only be good news in terms of attracting companies to the city.”
Picture Credit: Paul Kennedy Photography