London secures top spot for global business innovation

London has been voted the number one destination for businesses to locate global teams and innovate despite uncertainty around Brexit, according to new figures published by the City of London Corporation and the City Property Association.

The findings show that 37% of more than 450 senior leaders of large companies surveyed in the world’s top central business districts viewed London as the best location for global teams, placing the capital ahead of New York (26%), Paris (20%) and Singapore (17%).

With half of companies surveyed naming collaboration across and within business teams as the most important factor in driving innovation, 94% of respondents scored London positively for this factor - including 54% that described its offer as ‘world leading’.

London is also the frontrunner as a global city for innovation that increases revenue, with 35% of respondents rating it top followed by New York (31%) with Singapore (17%) and Paris (15%) lagging behind.

'With weeks to go until Britain officially leaves the European Union, London’s appeal as a global business hub is more important than ever. This data shows that businesses place a high value on the capital’s innovative cluster of talent and creative energy when it comes to making location decisions,' said Catherine McGuinness, policy chair of the City of London Corporation.

'Firms across the board are becoming more and more technologically focussed. In just five years we have seen a 31% increase in London’s information and communications jobs, while international workers make up 40% of London’s highly-skilled tech workforce,' McGuinness added.

The results feature in the City Corporation’s annual research publication, this year titled ‘Locate, create and innovate: London in a changing world’, which will be presented at global property exhibition, MIPIM, at 11:00 on Thursday 14 March.

'As the concentration of financial, professional services and TMT industries blend, it is vital that London continues to be the first to attract top talent. This is a vital factor alongside the City’s business landscape, commercial real estate, and mixed offering of flexible workspace, culture and lively public spaces, when it comes to ensuring its continuing appeal to domestic and international investors,' McGuinness concluded.

The survey of 459 senior business leaders of large companies in global central business districts was undertaken by global advisory group FTI Consulting in January 2019.


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