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London’s office space is the third most expensive in the world

London has been named the third most expensive city in the world for office space, behind New York and Hong Kong, according to a report by Kit Out My Office on office rental prices.

The report looked at the cost of leasing office space of 10,000 square foot and associated business costs, such as property tax, service charges, and Internet access.

However, the report says all is not doom-and-gloom for businesses looking to relocate or start-up in London. Initiatives and grants are available for businesses, such as Enterprise Investment Schemes and R&D tax credits.

The top five most expensive cities in the world for office space:

1 New York
2 Hong Kong
3 London
4 Beijing
5 Shanghai

Alongside being named the third most expensive city for office space, the report also highlighted that the decision by the UK to leave the EU has caused an air of uncertainty and posed many questions that are still unanswered. For example, how will EU workers be treated and will there be levies for companies that trade with Europe.

Although the above could cause businesses to look elsewhere says the report, the Mayor of London, Sadiq Khan, recently announced that he will visit five major European cities next month to declare that London remains the number-one destination for investment and business. He said:

“I want to take the message directly to Europe that London will always remain open to engaging, trading and doing business with our friends across Europe. Our connections on the continent are more important than ever before and, regardless of Brexit, we will continue to work closely together for our mutual benefit.

“London will remain the best place in the world to do business and our collaboration with other major European cities will not cease.”

Gareth Jones, Commercial Manager at online office furniture provider, Kit Out My Office, commented:

“Although London is one of the most expensive cities, it cannot be instantly dismissed as it is Europe’s most accessible city, thanks to excellent transportation connections. Furthermore, there are over eight million Londoners and world-class universities for you to choose your workforce from.”

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