Paris, Geneva beat City of London to gain spots on office rent list

LONDON: The City of London has been knocked out of Europe's top three most expensive office locations by Geneva and Paris, research by property consultants NB Real Estate and ONCOR International showed yesterday.

Average office rents in the City business district - Britain's historic financial heartland - have fallen 38 percent in the last 12 months to 593 euros ($777.40) per sq m, making it Europe's sixth most expensive office district.

City of London rents are now 157 euros cheaper per sq m than in the Triangle d'Or area of Paris, the neo-classical neighborhood between the Champs-Elysees and the River Seine, which is often compared with London's Mayfair district.