ASEAN KEY DESTINATIONS
Asian location for top firmsBy David Swartzemtruber
Four of the top five spots in the study were in Asia. The list is Hong Kong, Singapore, Tokyo, London and Shanghai. Moscow, Beijing, Madrid, Dubai and Paris rounded out the top 10, with New York in 11th place.
About 68 percent of the respondents, or 191 firms, had an office in Hong Kong while about 67.5 percent, or 189 companies, had an office in Singapore, it said.
London and New York remained dominant in banking and finance with 92 percent of firms in those sectors having an office in the cities, followed by Hong Kong, CB Richard Ellis said.
Although Hong Kong and Singapore lead the pack, Hong Kong’s critical lack of space and the associated rising costs may prompt international firms to take a look at other Asian cities. The average price of office property per workstation increased by almost a third from a year earlier in Hong Kong to $22,330, surpassing the 2009 leader, London's West End, which cost $20,160, the report said.
An earlier study this year found that Hong Kong was the world's most expensive place to rent office space in 2010, despite government efforts to cool the property market.
With improved infrastructure and IT other Asian cities may also see an increase in international business location and the field will become increasingly more competitive throughout this decade.
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