The global financial centres index (GFCI) 3 - Z/Yen
The global financial centres index (GFCI) 3 - Z/Yen
The global financial centres index (GFCI) 3 - Z/Yen
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<strong>The</strong> Global Financial Centres Index<br />
On this measure, the top eight <strong>centres</strong> remain in the same<br />
positions as in <strong>GFCI</strong> 2, but Sydney and Paris, which were in 9th and<br />
10th place in <strong>GFCI</strong> 2, have been replaced by Chicago and<br />
Boston, respectively.<br />
One of the fundamental infrastructure factors is the cost of office<br />
space, a consideration that can often persuade a company to<br />
locate in a secondary city rather than in the primary <strong>financial</strong><br />
centre of a country (for example, choosing Edinburgh because its<br />
base cost is 52% lower than in London). Where there are sufficiently<br />
robust transportation and communication links, and skilled staff are<br />
available or can be ‘imported’, reduced office costs contribute<br />
greatly to the growth of secondary or regional <strong>financial</strong> hubs.<br />
Selected cities from the <strong>GFCI</strong> 3 list of <strong>financial</strong> <strong>centres</strong> are ranked in<br />
Table 12 in descending order of cost of office space.<br />
Table 12<br />
Office Space<br />
Around the World<br />
– Top 20 Centres<br />
City<br />
Cost of Office Space (in Euro<br />
per metre2 per year)<br />
Tokyo 1,493<br />
Hong Kong 1,271<br />
London 901<br />
Mumbai 752<br />
Paris 694<br />
Moscow 602<br />
Zurich 592<br />
New York 564<br />
Dubai 552<br />
Geneva 518<br />
Singapore 517<br />
Dublin 486<br />
Luxembourg 480<br />
Washington D.C. 459<br />
Boston 443<br />
Seoul 434<br />
Edinburgh 431<br />
Glasgow 431<br />
Shanghai 423<br />
Milan 422<br />
*Source: Cushman and Wakefield, 2007<br />
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