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London, Paris and Frankfurt remain
Europe’s favourite business cities
Brian Baker reviews a report by Chushman Wakefield
4 November 2008: London continues to be rated as the leading city in Europe for business in 2008. Paris is again rated second and has closed the gap with London. Frankfurt remains the third most favoured in the annual survey of business leaders conducted by global real estate services provider Cushman Wakefield. Availability of suitably qualified staff remains the most important factor in business location decisions ahead of ease of access to clients, markets and customers, but the cost of staff is a rising concern.
Europe's best
business cities
In 1990 only 25 cities were included in the study. The number of cities has increased to 34 this year, with the inclusion of Istanbul.
London is still rated first for availability of qualified staff and for ease of access to markets and these factors are key to the UK capital’s success in remaining the best city for business in Europe. Similarly, Paris and Frankfurt remain second and third in these critical categories.
The cost of staff is revealed as a factor of increasing importance in the 2008 poll, which was based on in-depth questioning of senior managers and board directors from 500 companies. The increasing focus on costs in the current economic circumstances is likely to be the principal driver of any growth in the number of international businesses which open offices in the central European cities in the next few years. The top four cities in the survey ratings for the cost of staff factor are all in central Europe with Warsaw just ahead of Bucharest, Budapest and Prague.
Cushman Wakefield Head of Office Space Research Elaine Rossall says “companies will be looking to curb their costs in this economic climate. Central and Eastern European cities will become a beneficiary of this. Some of the regional cities in Western Europe are improving their positions. Companies will increasingly also look for opportunities to move shorter distances.”
Barcelona and Madrid are rated as doing the most to improve themselves in the 2008 survey. They are clearly rated as the best in this category well ahead of a cluster of four cities, Berlin, Prague, London and Budapest
Elaine Rossall says “ improvement and promotion go hand in hand for a city. Improvement is important to change perceptions of cities. Some business executives have long-standing and deep-seated perceptions about a place.”
Overall, in this year’s exercise, the major Spanish cities fared well. Madrid is now placed fifth for internal transport, reflecting the multi-billion euro investment in extending the metro system in the last ten years. The Spanish capital is also up to sixth place both for easy access to markets and for external transport links.
Berlin’s financial problems may have slowed implementation of the city’s bold investment programmes but those which have been realised have clearly made a big impact on business leaders in Europe.
The German capital is rated first for availability of office space, fourth for value for money of office space and sixth amongst the cities for making the best efforts at improvement. It is now the tenth most familiar business location.
Overall, Berlin was eighth in 2008, ahead of rival Munich and second in Germany only to Frankfurt.
After slipping in some measures in 2007 Frankfurt fared better in 2008. It maintains a clear third place overall and is up several places in the internal transport category. .
The impact of investment in high speed rail is evident in the ratings for external transport links in which London, Paris and Frankfurt have pulled away from the others. Amsterdam and Brussels are fourth and fifth in this category.
Elaine Rossall says “ high speed rail connected to airports is attractive to businesses for choice reasons. Some also prefer to use rail for travel for environmental reasons.”
Brussels has had a good year and re-captured fourth place overall. It is also rated as fourth for ease of access to markets and is sixth in the critical availability of qualified staff category.
The number of cities included in the detailed analysis element of the survey rose to 34 this year with the inclusion for the first time of Istanbul. Respondents are also asked some questions about familiarity with other cities which are important for large-scale business activities. Valencia once again topped the ratings of this second group of cities with Marseilles next. Edinburgh and Stuttgart have risen in this measure in 2008 to third and fourth places.
The composition of the sample of 500 businesses changes typically by 50 per cent each year and is systematically selected to include a representative balance of industrial companies, professional services businesses and consumer, retail and distribution companies.
Although there are variations between the sectors in their responses all three of them rank the same four factors well ahead though with differences in third and fourth places.
The two top factors amongst all three sectors are the availability of qualified staff and easy access to customers, markets or clients but transport links are third for industrial companies whilst marginally headed by telecommunications quality for the other two sectors. The rise of cost of staff in fifth place is more marked in the industrial companies group.
Although cost of staff is a major concern the cost and the value for money of office space are also factors of rising significance.
Leeds is rated the best city in Europe for value for money for office space and third in terms of availability of office space. The Yorkshire city is eighth best for cost of staff. These high scoring factors help it to rise two places to twenty eighth overall.
Lisbon ranks second for value for money for office space just ahead of Budapest. The Portuguese capital is also the highest rated western city for staff costs taking fifth place. Newcomer Istanbul, which placed twenty ninth overall, is sixth in this category.
The UK cities are seen as having the best offer of available office spaces this year with four of them in the top five behind Berlin. Manchester is second in this category, up five places on its 2007 position. This perception also helped it rise four places overall to fourteenth.
Europe's best
business cities
|
2008
Rank |
Location
|
2007 Rank
|
1990 Rank
|
|
1
|
London |
1
|
1
|
|
2
|
Paris |
2
|
2
|
|
3
|
Frankfurt |
3
|
3
|
|
4
|
Brussels |
6
|
4
|
|
5
|
Barcelona |
4
|
11
|
|
6
|
Amsterdam |
5
|
5
|
|
7
|
Madrid |
7
|
17
|
|
8
|
Berlin |
8
|
15
|
|
9
|
Munich |
9
|
12
|
|
10
|
Zurich |
13
|
7
|
|
11
|
Geneva |
12
|
8
|
|
12
|
Dusseldorf |
16
|
6
|
|
13
|
Milan |
10
|
9
|
|
14
|
Manchester |
18
|
13
|
|
15
|
Dublin |
11
|
-
|
|
16
|
Lisbon |
15
|
16
|
|
17
|
Hamburg |
20
|
14
|
|
18
|
Lyon |
17
|
18
|
|
19
|
Prague |
14
|
23
|
|
20
|
Stockholm |
22
|
19
|
|
21
|
Birmingham |
21
|
-
|
|
22
|
Budapest |
23
|
21
|
|
23
|
Copenhagen |
25
|
-
|
|
24
|
Warsaw |
19
|
25
|
|
25
|
Rome |
27
|
-
|
|
26
|
Vienna |
24
|
20
|
|
27
|
Glasgow |
26
|
10
|
|
28
|
Leeds |
30
|
-
|
|
29
|
Istanbul |
-
|
-
|
|
30
|
Helsinki |
29
|
-
|
|
31
|
Bucharest |
28
|
-
|
|
32
|
Moscow |
31
|
24
|
|
33
|
Oslo |
32
|
|
|
34
|
Athens |
33
|
22
|
London is still rated first for availability of qualified staff and for ease of access to markets and these factors are key to the UK capital’s success in remaining the best city for business in Europe. Similarly, Paris and Frankfurt remain second and third in these critical categories.
The cost of staff is revealed as a factor of increasing importance in the 2008 poll, which was based on in-depth questioning of senior managers and board directors from 500 companies. The increasing focus on costs in the current economic circumstances is likely to be the principal driver of any growth in the number of international businesses which open offices in the central European cities in the next few years. The top four cities in the survey ratings for the cost of staff factor are all in central Europe with Warsaw just ahead of Bucharest, Budapest and Prague.
Cushman Wakefield Head of Office Space Research Elaine Rossall says “companies will be looking to curb their costs in this economic climate. Central and Eastern European cities will become a beneficiary of this. Some of the regional cities in Western Europe are improving their positions. Companies will increasingly also look for opportunities to move shorter distances.”
Barcelona and Madrid are rated as doing the most to improve themselves in the 2008 survey. They are clearly rated as the best in this category well ahead of a cluster of four cities, Berlin, Prague, London and Budapest
Elaine Rossall says “ improvement and promotion go hand in hand for a city. Improvement is important to change perceptions of cities. Some business executives have long-standing and deep-seated perceptions about a place.”
Overall, in this year’s exercise, the major Spanish cities fared well. Madrid is now placed fifth for internal transport, reflecting the multi-billion euro investment in extending the metro system in the last ten years. The Spanish capital is also up to sixth place both for easy access to markets and for external transport links.
Berlin’s financial problems may have slowed implementation of the city’s bold investment programmes but those which have been realised have clearly made a big impact on business leaders in Europe.
The German capital is rated first for availability of office space, fourth for value for money of office space and sixth amongst the cities for making the best efforts at improvement. It is now the tenth most familiar business location.
Overall, Berlin was eighth in 2008, ahead of rival Munich and second in Germany only to Frankfurt.
After slipping in some measures in 2007 Frankfurt fared better in 2008. It maintains a clear third place overall and is up several places in the internal transport category. .
The impact of investment in high speed rail is evident in the ratings for external transport links in which London, Paris and Frankfurt have pulled away from the others. Amsterdam and Brussels are fourth and fifth in this category.
Elaine Rossall says “ high speed rail connected to airports is attractive to businesses for choice reasons. Some also prefer to use rail for travel for environmental reasons.”
Brussels has had a good year and re-captured fourth place overall. It is also rated as fourth for ease of access to markets and is sixth in the critical availability of qualified staff category.
The number of cities included in the detailed analysis element of the survey rose to 34 this year with the inclusion for the first time of Istanbul. Respondents are also asked some questions about familiarity with other cities which are important for large-scale business activities. Valencia once again topped the ratings of this second group of cities with Marseilles next. Edinburgh and Stuttgart have risen in this measure in 2008 to third and fourth places.
The composition of the sample of 500 businesses changes typically by 50 per cent each year and is systematically selected to include a representative balance of industrial companies, professional services businesses and consumer, retail and distribution companies.
Although there are variations between the sectors in their responses all three of them rank the same four factors well ahead though with differences in third and fourth places.
The two top factors amongst all three sectors are the availability of qualified staff and easy access to customers, markets or clients but transport links are third for industrial companies whilst marginally headed by telecommunications quality for the other two sectors. The rise of cost of staff in fifth place is more marked in the industrial companies group.
Although cost of staff is a major concern the cost and the value for money of office space are also factors of rising significance.
Leeds is rated the best city in Europe for value for money for office space and third in terms of availability of office space. The Yorkshire city is eighth best for cost of staff. These high scoring factors help it to rise two places to twenty eighth overall.
Lisbon ranks second for value for money for office space just ahead of Budapest. The Portuguese capital is also the highest rated western city for staff costs taking fifth place. Newcomer Istanbul, which placed twenty ninth overall, is sixth in this category.
The UK cities are seen as having the best offer of available office spaces this year with four of them in the top five behind Berlin. Manchester is second in this category, up five places on its 2007 position. This perception also helped it rise four places overall to fourteenth.
Frankfurt skyline
Fastest improving European cities
|
Rank
|
Cities
|
Improved by
|
|
1
|
Barcelona |
20%
|
|
2
|
Madrid |
16%
|
|
3
|
Prague |
11%
|
|
4
|
Budapest |
10%
|
|
5
|
London |
10%
|
|
6
|
Berlin |
10%
|
|
7
|
Warsaw |
8%
|
|
8
|
Dublin |
7%
|
|
9
|
Paris |
6%
|
|
10
|
Bucharest |
6%
|
|
11
|
Moscow |
6%
|
|
12
|
Amsterdam |
5%
|
|
13
|
Lisbon |
5%
|
|
14
|
Brussels |
4%
|
|
15
|
Munich |
4%
|
|
16
|
Lyon |
4%
|
|
17
|
Frankfurt |
3%
|
|
18
|
Milan |
3%
|
|
19
|
Istanbul |
3%
|
|
20
|
Copenhagen |
3%
|
|
21
|
Manchester |
3%
|
|
22
|
Athens |
2%
|
|
23
|
Vienna |
2%
|
|
24
|
Stockholm |
2%
|
|
25
|
Birmingham |
2%
|
|
26
|
Dusseldorf |
2%
|
|
27
|
Glasgow |
2%
|
|
28
|
Hamburg |
2%
|
|
29
|
Valencia |
2%
|
|
30
|
Rome |
2%
|
|
31
|
Zurich |
2%
|