Leeds has achieved it best ranking to date in the European Cities Monitor, a leading index of business competitiveness published by global commercial property consultants Cushman and Wakefield.

The annual survey is launched this week at Expo Real, one of Europe’s main trade shows and conferences for the commercial property industry. Its shows Leeds has moved up four places from 28th to 24th place in the list of ‘Best European cities to locate a business’.

Yorkshire’s regional capital has improved its ranking against eight of the survey’s 12 key indicators. Importantly, the city’s office market has retained its position as number one in Europe for value for money, although it shares the top spot this year with Birmingham, the UK’s best performing city outside London.

Significantly, Manchester has fallen in 11 of the key rankings and slipped to 16th place overall, below Birmingham in 14th place. Glasgow has also slipped down the rankings to 29th place.

The European Cities Monitor is based on interviews with senior executives from 500 of Europe’s biggest companies and looks at the range of factors considered by companies when deciding where to locate their business operations. Key factors are cost and availability of qualified staff, access to markets, transport and climate governments create.

The 2009 shows that Leeds punches above its weight against all of these factors, ranking 6th for cost of staff, 10th for ease of travelling around the city, 11th for access to markets, 15th for climate created by governments create, and 17th for availability of qualified staff.

Leeds shows particularly strong improvement against access to markets, climate created by government and quality of life for employees. External transport links, quality of telecoms and availability of office space were the main areas in which Leeds’ position slipped.

Cllr Andrew Carter, Leeds City Council’s executive member for development and regeneration, said:
“The results are a welcome indicator of the progress that we are making and the work that’s still to be done if we are to achieve our aim of putting Leeds firmly on the map as one of Europe’s leading business locations.

“Despite the recession, the survey shows that Leeds offers great value for money in terms of office accommodation, cost of staff, access to markets and the climate Leeds has fostered for doing business. It’s a combination of strengths that make the city a first class business location.”

“With a £28 million improvement programme for Leeds Bradford International Airport recently announced and the new Leeds Arena on schedule to open in 2012, we expect Leeds to continue to make steady progress up the rankings. The arena will play a key role in raising the city’s profile nationally and internationally.”

Elaine Rossall, head of the European Research team at Cushman & Wakefield, said:
“Some superb office developments have recently been completed in Leeds and these have brought over 450,000 sq ft of new grade A office space onto the market. However, as the economy begins to recover from the recession, demand for office space could begin to outstrip availability and this sentiment is reflected in the survey.

“It’s therefore essential that major new developments are brought forward at the earliest possible date to put the city in a position to accommodate increased demand and ensure Leeds doesn’t loose out to rival cities here in the UK and elsewhere in Europe.”

Notes to editors:

1. The European Cities Monitor 2009 is an annual survey carried out by global real estate consultants Cushman & Wakefield. This year’s survey involved 500 companies from nine European countries selected from Europe’s largest companies. A representative sample of industrial, consumer, retail, distribution and professional services companies were included. Interviewees were senior managers or board directors with responsibility for location. All interviews were conducted in June / July 2008.

2. The full results of the survey for Leeds were as follows

European Cities Monitor 2009 ranking 2008 ranking
Value for money of office space 1st 1st
Availability off office space 6th 3rd
Cost of staff 6th 8th
Ease of travelling around the city 10th 15th
Access to markets 11th 19th
Freedom from pollution 15th 14th
Climate created by government 15th 22nd
Ability to recruit qualified staff 17th 20th
Quality of life for employees 17th 24th
External transport links 23rd 18th
Quality of telecomms 25th 19th
Languages spoken 27th 29th
Overall ranking 24th 28th

ENDS

For media enquiries, please contact;
Laura Ferris, Leeds City Council press office (0113) 224 3335
Email: laura.ferris@leeds.gov.uk