London holds on as top European City

According to the Estates Gazette, Cushman & Wakefield have reported that London has retained its position as the best city in Europe in which to locate a business for the 20th successive year.

Paris took second place in C&W’s 2009 European Cities Monitor with Frankfurt third.

James Young, C&W’s head of City offices, said that while London had been through a turbulent time since the collapse of Lehman Brothers in 2008, the survey was evidence that it remained Europe’s leading business and financial centre.

He said: “Although office space remains relatively more expensive than in other European capitals, costs have come down considerably this year. Occupiers looking to locate here will find historically low rents, which are likely to remain competitive until well into 2010.”

Ben Everest of LDG said “The results in this survey are replicated in our experiences of the market this year; central London is a popular choice for the international buyer. 44% of all residential sale transactions have been to purchasers based outside of the UK. With 27% of all sales going to non-EU based purchasers. Cash is still king, and a weak pound and low UK interest rate has meant that 67% of all properties sold where bought with cash, with the majority of properties being bought as investments or London bases.