Knight Frank has recently launched its Global Cities: The 2018 Report, which looks into the continuous trends in real estate across 40 Global Cities. It aims to provide occupiers and investors with insights for future real estate decisions.
The report includes a comparison of 19 global cities on the total cost to a firm of employing 100 people in a city, based on the cost of workspace and average salaries. Hong Kong (US$5,964,990) emerged as the most expensive Asian city to employ 100 people, which is 30% lower than the top-ranking Zurich (US$7,947,260).
Meanwhile, London (US$5,605,660) holds the title as the most expensive European city, with Sydney trailing behind at US$1,626,900. Nicholas Holt, Asia Pacific Head of Research, Knight Frank says: “In an interconnected region, property and employment costs are two of the major cost considerations. The index shows Hong Kong as the top market in Asia-Pacific sitting in the fourth place globally, but still offering a significant discount when compared to Zurich and the US cities of San Francisco and New York. Bengaluru, which has become an important outsourcing destination for many MNCs offers the best value in terms of office and headcount costs globally.”