London tops list of European biz centers - London, England chosen as best business city in survey of business executives

Real Estate Weekly, Oct 21, 1992

European business executives choose London as the best business city according to the 1992 Cushman & Wakefield/Healey & Baker European Real Estate Monitor. The Monitor is an annual survey of business executives' views on economic, business and political issues conducted by Harris Research Centre in London.

London boasted the best access to markets, telecommunications, climate for business created by government, and availability of office space. Paris is rated second with the highest score for ease of movement within the city. Frankfurt follows in third place, seen as having the best transport links as well as being a serious challenger to London as the European capital of finance. Brussels and Amsterdam rounded out the top five cities.

"Knowledge of Europe's major cities has improved since we began the survey in 1991," said John Greenwood, director of the European operations for the Cushman & Wakefield/Healey & Baker Joint Initiative. "The findings suggest that the respondents are thinking increasingly as Europeans. The tough trading conditions of the last 12 months are also reflected in the findings. Cost factors and political stability are seen as important, while expansion plans - though vigorous - are less ambitious than two years ago."

The Monitor places Brussels in the lead for languages spoken; Glasgow for value for cost of office space; Lisbon for cost and availability of labor; Stockholm for freedom from pollution; and Munich for quality of life. As well as having immediately available space, London, Manchester and Glasgow all benefit from stability of government and good labor.

Strong support for European Community expansion exists. The vast majority of respondents say business would benefit from the inclusion of all western European countries and more than half felt that the Eastern Bloc countries should eventually be encouraged to join the EC.

Only the Belgians disagreed that the newly unified Gemmany will inevitably become the center of Europe. The British business community is alone in thinking Germany is a riskier place to invest than previously.

In total, 530 companies from nine European countries were interviewed. The sample was systematically selected from Europe's 15,000 largest companies. A representative sample of industrial, trading and services companies was included. The respondents were senior managers or board directors, with responsibility for facilities. All interviews were conducted by telephone in June 1992 by multilingual interviewers. Interviews took an average of 15 minutes to complete.

The Cushman & Wakefield/Healey & Baker joint initiative, the first of its kind for the real estate industry, was established in 1990. Through the joint initiative, Cushman & Wakefield provides services in the United States for Healey & Baker clients. Healey & Baker provides services in the United Kingdom and Europe for Cushman & Wakefield clients. Among the services offered are office and industrial brokerage, consulting and advisory services, and real estate investment banking.