LondonNet News Headlines
|Squeeze is On for London Suits
- Hugh rents force more staff into less space
LONDON office workers have much less elbow room than their counterparts around the world, a new study has shown.
The capital's pen pushers are allocated roughly half the space handed to German suits, a result of London's status as the second most expensive place for office rents. Only the central section of Tokyo ranks higher than the West End and The City with New York ranking sixth most pricey. In Frankfurt, London's main financial rival in Europe, office space is rented out at an average of UKP26 per square foot, about two-fifths of London prices.
But a spokesperson for property consultants DTZ, who commissioned the survey, said London's ability to squeeze more staff into less space more than made up for the huge rent disparity. "You can't look at these costs in isolation from the productivity of space," he said.