Technology rents catching up with banks as digital economy expands

Berlin

THE gap is narrowing between the rent paid by technology-related companies and financial-services businesses in cities including San Francisco and Hong Kong as the digital economy expands.

Technology companies in San Francisco now pay the equivalent of 56 per cent of the rents per employee by financial firms, up from 42 per cent in 2008, according to a report to be published by Savills plc on Monday. That's increased to 33 per cent from 27 per cent in Hong Kong and to 47 per cent from 42 per cent globally.