London: Best European City to Locate a Business
According to Cushman & Wakefield’s annual survey on Europe’s major business cities, which is now in its 21st year, London retains its crown as the best European city to locate a business in 2010.
The European Cities Monitor, which was first started in 1990, was established to examine the key issues surrounding the decisions that businesspeople take when considering new locations. It is carried out independently by TNS BMRB and surveys senior executives from 500 European companies, who are asked to give their views on Europe’s leading business cities.
While the top three remain unchanged from 2009 – with Paris and Frankfurt coming in behind London – the rest of the league table has been well-shuffled with some cities entering the rankings for the first time.
Behind London, Manchester is the next best UK city, coming in at 12th – four places higher than last year’s result – with Birmingham in 18th position, dropping four places from last year’s 14th. Edinburgh is a new addition to this category and has scored an overall position of 27.
Aside from being the Best European City to Locate a Business, London also topped a number of other categories, including ‘Transport links with other cities and internationally’, ‘Ease of travelling within the city’, ‘Availability of quality staff’, and ‘Languages spoken’. The capital finished top in seven out of the 12 major rankings.
In the sector ‘Best city in terms of availability of office space’, Birmingham finished fourth equal with London, moving up one place compared to 2009. The city also ranked fifth, behind Leeds and Glasgow for ‘Best city in terms of value for money and office space’.
In the serviced office sector, clients have also experienced value for money in Birmingham this year (to date) as the price per workstation dropped by 5% to an overall average of ┬ú242 per person, compared to ┬ú255 last year.
However while enquiries for the Birmingham postcode are up significantly compared to 2009, the number of clients signing for serviced office space in Birmingham in 2010 are currently down. Numbers are expected to be lower as 2010 is only 9 months gone, compared to 2009’s full 12-month period. However this does suggest that while many more clients are actively enquiring about office space in Birmingham, and are potentially faced with savings compared to last year, other factors are dissuading clients from signing up which could also be contributing to lower workstation costs.
According to Scott Rutherford, head of the Birmingham office of Cushman & Wakefield, Birmingham’s current performance is closely linked with the global situation and has been “n the firing line” of the banking-led recession.
“On the positive side, Birmingham is a well-known business destination,” he added, according to TheBusinessDesk. “The investment and redevelopment seen during the last decade has helped transform and revitalise it, which should help bolster future economic growth.
“It also shouldn’t be forgotten that Birmingham is ranked in the top half of the tables for ten our of the 12 rankings.”
Find out more about Cushman & Wakefield’s European Cities Monitor online at www.europeancitiesmonitor.eu.