While some commentators are unsure whether London will hang on to its crown as a top centre for global finance, according to our latest European Cities Monitor (click here to access) it retains a healthy lead as far as corporate decision-makers are concerned.
Cushman & Wakefield, European Research Group
Not only was London voted the top city in which to locate a business (for the 21st year running, yawn!), it actually managed to increase its lead over some of its main competitors. The news for Europe’s other core markets is still good however, with Paris secure in 2nd place, Brussels up to 4th and Germany enjoying more popularity– with 4 cities in the top 10 thanks to the rise of Dusseldorf.
Away from the core, the mood is more mixed. The “PIIGS” have moved down – with their average city ranking dropping from 16th to 18th place over the year – but emerging markets are on the up and in fact dominate future expansion plans, which are led by Moscow, followed by Warsaw, Istanbul, Paris, Bucharest and then London.
Interestingly, the survey noted an increase in the expected importance of “expansion” in driving real estate strategies over the next 12/18 months, with expansion plans targeting the top 10 cities up by over 8% on last year- led by growing interest in Moscow and Istanbul.
Global expansion potential was said to be up even more sharply, with Shanghai, New Delhi and Sao Paulo dominating. Last year’s favourite, New York, is still in the top 10 but dropped back to 7th while Tokyo moved up to 8th.
It’s clear therefore that core cities globally are being targeted for growth– but more notably the march of the emerging market seems to be starting again – if more selectively than in the past!
David Hutchings, European Research Group, London