Hong Kong now most expensive city to locate staff

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.

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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."