London offices head price survey

The weak dollar had an influence on the survey results

London's West End remains the world's most expensive office location, according to a new survey.

Central London is about 25% more expensive than Paris, the next priciest city, property consultants DTZ said.

Washington DC, the City of London, Frankfurt, Tokyo, Dublin, New York and Munich make up the list, which reflects rent and maintenance costs.

The West End retained its place at the top of the annual poll, which compares 113 business districts in 44 countries.

The rankings are based on total occupancy costs per office workstation.

London's annual cost of $19,330 (£10,382) follows a 16% rise over the past year, due in part to a 9% appreciation of Sterling against the US dollar.

Costs to increase?

"Costs have risen, reflecting London's continuing popularity, despite fears that emerging office markets like India might undermine future growth," said DTZ director Elspeth Lochhead.

Despite the weaker dollar, Washington, where annual costs have increased by 25% to $14,250, moved up four places to the number four spot in the list.

The euro's rise against the dollar has helped Central and Eastern Europe occupancy costs overtake Central and South American locations, DTZ said.

The least expensive office location is said to be in Ortigas in the Philippines, with an average cost of $710 per workstation.

DTZ said almost half of the cities surveyed expect office occupancy costs to rise in 2005.