Dublin slips in best business city rankings

6 Oct 2009

The Polish capital Warsaw is the city that can expect the biggest influx of companies in the next five years, according to the annual European Cities Monitor compiled by Cushman & Wakefield’s. However, Dublin has lost ground over the year in the best European business city stakes.

Thirty-six of Europe’s 500 largest companies in Cushman & Wakefield’s survey named Warsaw as the European city in which they intended to next expand, up from 28 in 2008. 

Moscow has fallen in popularity to second place, with 35 companies naming the Russian capital as the city they intend to expand to, down from 44 in 2008.

“Foreign investors’ interest in Poland has increased steadily since the 1990s and was further stimulated by accession to the EU in 2004,” said Richard Petersen, managing partner of Cushman & Wakefield in Poland.

“Warsaw ranks high among European capitals in terms of cost of qualified staff, low cost and availability of office space and a positive business climate created by government.

“Throughout the recent market turmoil, Poland has maintained a positive GDP growth and forecasts indicate that this will continue into 2010.  This in turn will provide favourable conditions for a rapid market recovery in the real estate sector during next year,” Petersen added.

London top city for business
London was once again ranked the best business city in Europe, with Paris and Frankfurt again ranked at No 2 and No 3 respectively. The three cities have held these positions every year since the survey started in 1990.

Barcelona edges past Brussels into fourth place for best European business city, with the other Spanish city in the rankings, Madrid, also moving up one place from seventh to No 6.

Dublin loses ground
Dublin fell three places in the overall rankings of best business city from No 15 in last year’s survey to No 18 this year.

However, Dublin once again topped the list of European cities for the climate created by government through tax policies and the availability of financial incentives, although the gap closed slightly between the new second placed city of Geneva.

The Irish capital ranked 18th in Europe for qualified staff and was placed at No 21 in terms of the quality of telecommunications provided.

The European Cities Monitor is based on interviews with senior managers and board directors in charge of location for 500 of Europe’s largest companies. From this research it produces an overall ranking of which European city is considered by the business community to be ‘best for business’ and the ‘best city in which to locate a business today’. 

“While corporates have undoubtedly been reining in their operations in the current climate, the impact of being in the right location can make a huge difference to the success of an organisation and corporates have been considering their locations very seriously,” observed Elaine Rossall, Cushman & Wakefield head of business space research.

To read the European Cities Monitor report in full, visit www.cushwake.com

Photo: Dublin has fallen three places in the overall rankings of best business city from No 15 in last year’s survey to No 18 this year.

Article courtesy of businessandleadership.com