London will defy Brexit effect according to global real estate advisor, Colliers International
Colliers International launches new Cities of Influence report which says London will remain in the top spot.
Source: London by Pedro Szekely https://creativecommons.org/licenses/by-sa/2.0/
No single city in Europe has capacity to absorb 100,000 jobs at short notice“The outcome of the EU referendum made many nervous that we would see a mass exodus of businesses relocating from London. Indeed, some sceptics predicted 100,000 finance and business services jobs would be likely to flee to the continent, and only recently, HSBC and UBS confirmed that they would start transferring staff within the next two years, and Barclays said it would move around 150 jobs to Dublin,” said Guy Douetil, Managing Director, EMEA Corporate Solutions.He continued, “Relocation on the scale of 100,000 jobs is not possible to achieve in such a short space of time. No single city in Europe has the capacity to absorb 100,000 jobs at short notice, from a talent perspective."
Cities of Influence report highlights include:
- London and Paris hold on to the top two spots - mostly because of their size
- Paris leads with regard to output/orientation, future skills, capacity and affordability/cost. Paris also scores strongly in terms of size/experience of the latent talent pool
- Manchester ranks 3rd, followed by Stockholm at 4th and Dublin at 5th place
- German cities suffer from a combination of either lack of capacity and expense (Frankfurt), cost/affordability factors (Munich) and over-dependence on the public sector, despite increases in tech, media and telecoms operators in Berlin
- The bottom ranking cities include Milan, Budapest and Brussels, due, in part, to country risk
- Think tank predicts 30,000 London jobs will relocate
- Reductions in post-Brexit immigration to be 'vanishingly thin'
- CBI launches plan for ‘sensible’ post-Brexit migration
- Facebook and Google suggest how UK businesses can prosper post-Brexit
Damian Harrington, Director Head of EMEA Research at Colliers International, added his analysis. “London may be one of the most expensive cities from a real estate standpoint but when taking all factors into consideration, and the ability of the city to re-invent and evolve, it is superior to all other major European cities in this study."Recent announcements at the end of 2016 by global tech giants such including Apple, Google, Facebook and IBM re-affirmed their commitment to the future of the London and UK economies. With Trumps latest immigration policy, this could be even more reason for talent to move to London. The ability to hold on to its workforce and continue developing its talent base, will be critical to ensure the UK’s capital remains a primary attractor of corporate activity.”