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The West End has overtaken Hong Kong to become the most expensive business district in the world, according to a new study by property consultants.

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DTZ said it cost around £15,000 a year to provide a work station for an employee in the area, more than three times the global average.

The study of 126 business districts in 49 countries included rents, property tax and maintenance costs.

Costs fell by almost 11 per cent in the United States last year, driven by a reduction in the amount of space allocated to workers.

Richard Howard of DTZ, said: “These figures are a tangible reflection of the fact that London is a highly attractive place to locate a business.

“It should be observed, however, that the West End alone has many different characteristics and price points, and there are areas of the West End that can be occupied at a marked discount to prime Mayfair rents.”

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