London ranked 4th in new corporate dynamic wealth index
Savills World Research has ranked London within the top five cities in the world in its new corporate dynamic wealth index, indicating that it continues to adapt, be highly competitive and an attractive location for major corporate occupiers.
Savills says that flows of global wealth are favouring different locations as an increasingly fluid geopolitical and economic environment, and changing government policies, taxes and incentives, alongside quality of life factors, and the location of top talent, influence where footloose companies choose to locate. According to the international real estate advisor, London continues to score highly on these measures in a global context, especially for its economy, knowledge and tech base. Singapore, Seoul, New York, and Abu Dhabi make up the rest of the top five.
Read the full analysis in Savills Impacts research programme here
“Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate”, explains Paul Tostevin, director of Savills World Research. “Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of innovative talent pools, have always been key drivers of footloose companies. These will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions. The resulting concentration of talent becomes an important draw for relocating and expanding businesses.”
Andrew Barnes, director of Central London Tenant Representation at Savills, comments: “In an ever-competitive global marketplace, London with its skills base, infrastructure and culture continues to be a world-leader as a dynamic, stable home for top talent and corporate occupiers. Whether a private office or an HQ function London has a great offer for all sizes of organisations. Our conversations with occupiers are consistent; they need and want to be in London, despite the continued high costs relative to other international cities. There is an increasingly limited supply of the best quality space, and tenants are having to plan well ahead to get the best choice and terms. With the right advice, great space can still be secured with attractive incentive packages.”