Sydney among the least expensive global cities in the world to live and work
15 October 2015
A new report released by international real estate group Savills has found Sydney is among the least expensive global cities in the world in which to live and work.
Savills 12 Cities - The Rise of the Digital City report considered issues such as the cost of real estate and economic productivity in determining the world's leading places to set up and run a business.
The findings underline the attractiveness of Sydney for businesses such as financial firms to set up because of the relatively low office rents.
Lower costs, same productivity
According to the report London, New York and Hong Kong are the most expensive cities for companies to accommodate their employees.
The report found Sydney and Los Angeles offered the best rent, work and productivity combination.
As indicated in the Australian Financial Review, the report calculated the average cost to set up housing and offices for a small team in Sydney consisting of two expat executives, one local director and four local admin was half that of New York or London.
Sydney's top economic credentials
The findings from the Savills report are the latest in a series of independent reports endorsing Sydney and NSW's economic credentials.
For instance:
- The most recent Global Financial Sectors index saw Sydney jump six places to 15th, among the 86 cities ranked for the competitiveness of their financial sectors.
- The most recent NAB Monthly Business Survey of 500 businesses reporting that business conditions in NSW are strongest in Australia.
- The Sensis Business Index for the June quarter 2015 indicated that small to medium enterprises (SMEs) regard the NSW Government as the most supportive state or territory government in Australia, alongside the Northern Territory.