A standard 25,000-sf industrial unit in San Francisco will cost $30 per sf per annum taking into account rent, service charges and local taxes. But two other world centres run close seconds: prime industrial space in West London near Heathrow Airport costs $27.04 per sf and Hong Kong industrials cost $26.31 per sf, according to the survey.

Others in the top ten most expensive industrial locations are: Singapore, Kuala Lumpur, Tel-Aviv, Glasgow, Birmingham, Cardiff and Manchester. Tel-Aviv is probably the surprise element, with industrial space costing $14.92 per sf per annum. Businesses looking for ultra-cheap industrial space might consider Dubai, where the total occupancy cost amounts to just $1.91 per sf per annum.

The picture is reversed in the office sector, with London beating San Francisco into second place for the dubious honour of most expensive location. Prime office space in London's West End costs $160.52 per sf per annum to occupy, followed by San Francisco at $149.62 per sf and New York Midtown at $142.39 per sf.