Hong Kong has replaced London's West End as the most expensive office market in which to locate staff, according to new research from Cushman & Wakefield.
Limited availability and strong demand from mainland Chinese corporations pushed Hong Kong costs up 5.5 per cent to $27,431.
For the same cost of accommodating 100 staff in a Hong Kong office, 300 can be located in Toronto, 336 in Dublin, and 900 in Mumbai.
Costs in London have fallen by 19 per cent since 2016 – largely as a result of currency depreciation in the wake of the Brexit vote – to an average of $22,665 per workstation.
Dublin was 30th in the rankings, down three places on 2016, with an annual average cost per workstation of $8,153 (€6,890).
Ronan Corbett, director of offices at Cushman & Wakefield Ireland, said: "This movement reflects the enhanced competitiveness of the Dublin office market and the impact of the delivery of much-needed new stock to the market over the past year."
