The West End of London has overtaken Hong Kong as the most expensive city on the planet when it comes to the cost of office space, property agent DTZ revealed in a report published last week.
With companies paying £14,857 per workstation in 2012, the west of the capital emerged at the top of the global charts, which consisted of 126 business districts in 49 countries.
According to the figures, the price of office space in the West End was three times that of the global average, with values almost 20 times higher than those found in the cheapest location in the survey - Surabaya in Indonesia.
Richard Howard, head of DTZ West End, explained that the report serves as evidence of the capital's position as one of the most popular locations in the world for organisations in a wide variety of sectors.
"These figures are a tangible reflection of the fact that London is a highly attractive place to locate a business," he commented.
"It should be observed, however, that the West End alone has many different characteristics and price points, and there are areas of the West End that can be occupied at a marked discount to prime Mayfair rents."
In order to determine its results, the study took into account the cost of rent, property tax and maintenance in the business districts included in the survey.
And given the West End's emergence at the top of the rankings, it's likely that strong demand for office space in London is what enabled the district to overtake Hong Kong at the head of the table.
Indeed, with the area housing international giants such as Facebook, Google and Skype, the results are not surprising when taking into account the size of such businesses and the extent of their financial capabilities.
If competition for office space in the capital remains high in the coming year, the West End could well hold onto its mantle when the figures for 2013 are published next January.