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New York and London Lead Global Business Hubs
[New York, February 24, 2026] — New York and London continue to hold a vice grip on the corporate travel sector, ranking as both the most popular and most costly destinations for business travelers. Data released on February 24, 2026, by analytics firm Hickory Global Partners confirms that these two cities remain the primary epicenters for global corporate activity.
The findings are based on extensive booking data from a network comprising over 2,500 members across 74 countries and a partnership with more than 51,000 hotel properties. For the fifth consecutive year, New York has claimed the top spot for both popularity and expense within the United States. Similarly, London has remained the most popular international business destination for five years and the most expensive for eight years straight.
New York Maintains Dominance in US Corporate Markets
The continued leadership of New York in domestic business travel underscores its role as an irreplaceable hub for the finance, technology, media, and professional services sectors. The city's ability to attract consistent demand for corporate events, high-level meetings, and luxury accommodation persists regardless of rising price points.
While New York leads, other US cities show a divergence between cost and actual volume of travel. Chicago ranks as the second most expensive US city for corporate travelers, followed by Las Vegas, San Diego, and Dallas. The top ten most expensive domestic markets are rounded out by Charlotte, Atlanta, Orlando, Houston, and Columbus.
However, when analyzing popularity, the rankings shift. Houston emerges as the second most visited US city for business, surpassing Chicago, San Diego, and Atlanta. Other high-traffic destinations include Columbus, Las Vegas, Dallas, Orlando, and Charlotte. This discrepancy suggests that while certain cities command a premium price, others offer a balance of accessibility and utility that drives higher booking volumes.
Hickory’s Top US Business Travel Destinations for 2025
| Rank | Most Expensive | Most Popular |
|---|---|---|
| 1 | New York | New York |
| 2 | Chicago | Houston |
| 3 | Las Vegas | Chicago |
| 4 | San Diego | San Diego |
| 5 | Dallas | Atlanta |
| 6 | Charlotte | Columbus |
| 7 | Atlanta | Las Vegas |
| 8 | Orlando | Dallas |
| 9 | Houston | Orlando |
| 10 | Columbus | Charlotte |
London and Rio de Janeiro Shape International Trends
Across the Atlantic, London’s dominance is fueled by its concentration of multinational headquarters and global financial institutions. The city's massive hotel inventory and superior international flight connectivity ensure it remains the first choice for global corporate delegations.
In terms of international costs, Paris ranks as the second most expensive city, followed by Tokyo, Amsterdam, and Singapore. The remainder of the top ten most expensive international markets includes Toronto, Montreal, Calgary, São Paulo, and Rio de Janeiro.
The popularity metrics tell a different story, particularly in South America. Rio de Janeiro has surged to the second most popular international destination, trailing only London. This is despite Rio ranking tenth in terms of cost. Reports indicate an average daily rate of US$71 in Rio, proving that lower costs can significantly amplify corporate booking activity. Other high-popularity international cities include Paris, Toronto, Tokyo, Montreal, Calgary, Singapore, Amsterdam, and São Paulo.
Hickory’s Top International Business Travel Destinations for 2025
| Rank | Most Expensive | Most Popular |
|---|---|---|
| 1 | London | London |
| 2 | Paris | Rio de Janeiro |
| 3 | Tokyo | Paris |
| 4 | Amsterdam | Toronto |
| 5 | Tokyo | Tokyo |
| 6 | Toronto | Montreal |
| 7 | Montreal | Calgary |
| 8 | Calgary | Singapore |
| 9 | São Paulo | Amsterdam |
| 10 | Rio de Janeiro | São Paulo |
Clarifying Regional Market Data for California and Florida
Industry observers caution against mixing annual data with interim reports. Some figures from the January-to-June period suggested that Beverly Hills, Menlo Park, Miami Beach, Santa Monica, and Key West were the most expensive US destinations. However, these interim figures have not been independently verified as official Hickory Global Partners data.
For accurate budgeting and planning, corporate travel managers are advised to rely on the verified 2025 annual results, which list New York, Chicago, Las Vegas, San Diego, Dallas, Charlotte, Atlanta, Orlando, Houston, and Columbus as the primary cost drivers. The distinction is vital because average daily spending—which includes the cost of seminars and event hosting—can fluctuate wildly depending on the time of year and the specific booking sample used.
Global Spending Forecast to Hit US$1.71 Trillion
The rise in destination costs coincides with a massive surge in overall industry spending. The Global Business Travel Association (GBTA) projects that total global business travel expenditure will reach US$1.71 trillion in 2026. This represents a 7.2 per cent increase over 2025 figures.
Interestingly, this spending spike is not driven by a massive increase in the number of trips. While spending is jumping by billions, the actual volume of business trips is expected to grow by only 1.3 per cent, reaching approximately 1.84 billion trips. This indicates that inflation and higher ticket and hotel prices are the primary drivers of growth, rather than an increase in travel frequency.
Global Business Travel Indicators (2025-2026)
| Indicator | 2025 | 2026 Forecast |
|---|---|---|
| Global Spending | US$1.59 trillion | US$1.71 trillion |
| Business Trips | 1.82 billion | 1.84 billion |
| Spending Growth | 8.4% | 7.2% |
| Trip-volume Growth | — | 1.3% |
The US and China remain the dominant forces in the market. By 2026, the US is expected to spend US$423 billion and China US$403.7 billion on business travel, together accounting for nearly 48 per cent of all global expenditure.
Why This Matters: The Shift in Corporate Strategy
For the corporate travel manager, these rankings reveal a critical tension between necessity and cost. When New York and London lead both popularity and expense, it means companies cannot simply "swap" these cities for cheaper alternatives without losing access to key financial and political power centers. This creates a logistical necessity for aggressive negotiation of corporate hotel rates and a move toward more disciplined, advance-booking mandates.
From a strategic standpoint, the rise of "secondary" hubs like Houston, Charlotte, and Columbus in the US, and Rio de Janeiro and Singapore internationally, suggests a diversification of business activity. For the traveler, this means a shift in experience; business trips are increasingly moving toward these emerging centers where the cost-to-value ratio is more favorable.
Logistically, the gap between spending growth (7.2%) and trip-volume growth (1.3%) is a warning sign. It indicates that the "cost of doing business" is rising faster than the actual activity. Companies will likely respond by implementing stricter ROI filters for face-to-face meetings, prioritizing high-value interactions over routine travel to manage the pressure on corporate budgets.
