London Retains No1 European Business City Status
Property Consultants Cushman and Wakefield released their annual European Cities Monitor which assesses the opinions of senior executives from 501 European companies ΓÇô using the results to rank cities in terms of how good they are for business.
London comfortably retained its number 1 spot which it has held since the report was first produced back in 1990, with the UKΓÇÖs capital coming top in half of the 12 main categories considered essential factors for locating a business. The top 5 most important factors ranked by the participants were:
- Easy access to markets, customers or clients
- Availability of qualified staff
- The quality of telecommunications
- Transport links with other cities and internationally
- Value for money of office space
Bucharest and Rome were the big movers, with these cities experiencing the largest rises and falls respectively. Other notable cities were Paris and Frankfurt, accompanying London in completing the top 3, whilst Shanghai, Rio de Janeiro and Sao Paulo topped the pole for cities outside of Europe. Interestingly New York was the only US city to feature in the top 10 of this part of the survey, where the companies were asked which worldwide cities, excluding those in Europe, they may expand into in the next 5 years. Curiously, the emerging markets were distinctly preferable to the more established ones.
In terms of office space, Berlin occupied the top spot for availability whilst perhaps surprisingly Warsaw was perceived as the premier destination for value for money. Warsaw took over from Leeds, which has slipped down to 3rd after having being ranked top for the previous 3 years. According to the report Leeds still remains the UKΓÇÖs best value office space whilst also rising to 4th in terms of perceived availability.
If youΓÇÖre interested in the flexible office market, the officebroker.com Serviced Office Review series will be published early next week. These reports catalogue the trends within the serviced office market, in addition to City Focus reports including Leeds City Centre.
For past editions of the series click here