LONDON has been named as the most expensive location for offices in the world in the latest annual Office Space Across the World global ranking survey by Cushman and Wakefield.

It’s the third consecutive year that London has been named in the report as being the most costly place for office space, with prime rents in the West End up over 4%.

London is the only European location feature in the report’s top five and at €2,344 per square metre per year, it’s more expensive than Hong Kong, New York, Rio de Janeiro and New Delhi.

Cushman & Wakefield’s head of London markets, George Roberts, commented:

“With a true global appeal, London continues to attract major international businesses looking to be based there, often using it as a springboard into Europe. As economic conditions in the UK further outperform, there will be heightened demand for London office space in 2015 from across all sectors. With supply heading downwards, further rental growth is expected.”

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