London becomes even more fashionable as The British Council for Offices last month named London and New York joint top destinations in the world for offices.
London and New York are the two best cities in the world for offices, and are key locations for global businesses, according to a report by the British Council for Offices (BCO). Companies have been favoring London over other traditionally more popular destinations, the Council report says, as the city's reputation as a fashionable and globally important location has grown in recent years.
This report comes in spite of a recent dip in demand for office space in London and a fall in prices. A survey by Office Genie found that price per desk for rented office space has fallen in London. This fall is a trend across many areas in the UK, with costs in Birmingham remaining steady and prices for office space in Manchester and Leeds actually rising due to an increase in demand.
However, this dip has not effected London's reputation or attractiveness. The city remains a globally important business center, and as a result its commercial property prices remain higher than the rest of the UK and higher than most other cities.
It is not just large and global companies that are attracted to the property, lifestyle and opportunities on offer in London. The city is one of the world's leading financial centers, making it a key location for those in the financial industry, and it also offers culture and vibrancy. London Fashion Week, the arts scene and initiatives such as Silicon Roundabout make London an attractive destination to a wide variety of businesses such as media companies and tech startups. The Silicon Roundabout has recently been given an exciting boost by Google's announcement that they will open a new office there which will act as a “launch pad” for tech startups and developers.
And it is no longer a case that companies want to be based in these cities just to take advantage of their facilities, culture and opportunities – it is as much about image as convenience. The reputations of London and New York mean that large companies who want to be taken seriously on a global level are keen to bag office space in Manchester , and smaller companies enjoy the kudos that comes with being based in one of the two most fashionable cities in the world.
According to Richard Kauntze, CEO of the BCO, the UK's capital has an international status which few other cities can rival. Its connections, modern facilities and reputation as both a leading business center and an attractive place to live mean that companies planning global expansion now have to consider having a London office.