To reflect the true cost of accommodation, the survey calculates the cost of providing a single workstation, taking in rent, taxes and service charges. On this basis a workstation in a prime West End location costs $16,682 per year. The equivalent space in the second most expensive location—-Paris—-costs $15,700 per year.

Despite the impact of SARS, Toronto has moved up three spots into the top 10, but the biggest climber is Dublin moving up nine spaces to number 10. Meanwhile Midtown New York is moving in the opposite direction, dropping out of the top three to sixth.

Globally, most locations have continued to register further declines in locally quoted occupancy costs during in 2003, reflecting the weak and uncertain global economic environment. John Forrester, DTZ's head of Corporate Services, says: "In local currency terms virtually every major center in the world is subject to falling occupational costs per workstation, reflecting economic pressures and reduced tenant demand."