London is world's most expensive place for finance firms, says report

London is the world’s most expensive business hub, charging financial firms some 20% more than other global destinations, it emerged today.

According to a report by estate agents Savills, when non-rent costs are summed up, firms spend £159 per square foot in London, but £128 in Hong Kong, £105 in Tokyo and £103 in New York.

When rents alone are considered, Savills still calculates that Hong Kong is the most expensive globally, attributing the discrepancy to extra surcharges like tax.

The findings come on the back of research out last month that showed London’s West End housed the world’s most expensive commercial space.