Savills has named Sydney the 3rd least expensive city to work and live in globally for those involved in the burgeoning global digital economy, in their 2015 real estate report, 12 Cities – The Rise of The Digital City.
According to Savills research, Sydney is one of the most affordable cities globally for businesses involved in the technology economy, offering the best-value proposition for Australian tech start-ups.
Putting together a small executive team comprised of:
Would cost an average of around US $52,994 per employee (20% of which would go into remainders on housing rent & office expenses).
If a start-up sets up shop with the same executive team replicated in New York, London, or Hong Kong, according to Savills it would cost over double in housing & office rents.
"These people could run more profitable businesses if they chose to work and live somewhere like Sydney where the costs are half, provided the opportunities are equal," said Tony Crabb, Savills Australia head of research.
"This may not be a perfect measure of real estate affordability, but it gives a good indication of which cities may be fully rented if GDP does not rise and those which have greatest ability to absorb rising total accommodation costs, whether through office or residential rent increases," explained director of Savills world research, Yolande Barnes.