New York has surpassed London as the world’s expensive city in which to employ workers, despite recent indications that office and residential rent growth is slowing, according to a new study by international brokerage firm Savills.
Savills analysts attributed the shift in part to the impact of a dip in the value of the British pound following the EU Brexit referendum, which has reduced tenant costs by approximately 11 percent in the British capital since the start of the year.