Singapore is the cheapest major financial center in which to rent office space, according to a study, making the city-state more attractive to business start-ups.

The study, published by consultants Colliers International, put Singapore’s average annual office rent at US$53.71 (S$75) per square foot, far below nearby Hong Kong at US$161.14 ($225).

Though the pace has slowed recently, Singapore’s office rental costs have continued to decrease. The first stage of the new Marina Bay Financial Centre (1.6 million square feet) is already fully leased, and another 6 million square feet of space is planned for the Central Business District.

Although Singapore’s position on the list was 24th most expensive, it remains cheaper than any other city regarded as a major financial center. The top three positions were filled by Hong Kong, Tokyo, and London’s West End.

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