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Houston named most affordable place to conduct business

Houston is the most affordable place for business, according to a recent report.

Houston is the most affordable place for business, according to a recent report.

Due to a number of factors, PricewaterhouseCoopers recently named Houston the most affordable city in the world to conduct business.

The firm considered finances, commerce and culture, among other areas, when compiling its list. With real estate prices moving down, as well as the cost of businesses expenses low and demand for properties up, PricewaterhouseCoopers placed Houston above all other global cities.

Los Angeles, Chicago and San Francisco were the only other American cities in the top ten, all of which directly followed Houston on the list. Toronto rounded out the top five.

More businesses have begun looking for commercial real estate in Houston, as more jobs have been added recently. Thus, demand for real estate has increased considerably. Metrostudy recently discovered in February that more than 50,000 jobs had been added in the area year-over-year.

"Roughly 31 percent of the nation's new jobs are being created right here in Houston," Craig Richard, the chief economic development officer of the Greater Houston Partnership, told MSNBC. "We have reasonable wage rates which allows business to keep other costs down. That's fantastic for businesses."

Another recent report, released by the CoStar Group, discovered that Houston, along with Dallas, Minneapolis and Denver, were among the most popular real estate markets for commercial properties during the first quarter of 2011.