London has been ranked as the best European city for long-term commercial real estate investment potential for the third year running, helped by the strength of its tech sector.
London was ranked first across five of six categories – inspiration, innovation, interconnection, infrastructure and investment – and was ranked second for the final category, inclusion.
Paris took the second spot on the list, which is compiled by Savills Investment Management, followed by Cambridge, Berlin and Amsterdam. Two other UK cities – Oxford and Edinburgh – made it into the top 20 of the 130-strong ranking.
The report said that while Brexit-related uncertainty has cast a cloud over London’s future, the continued strength of its tech sector demonstrates the capital’s resilience.
It cited the fact that tech giants Apple, Facebook and Google have all approved plans for new London offices since the 2016 Brexit referendum as evidence of “the city’s continued attractiveness to business”.
Hamish Smith, Savills Investment Management’s head of UK research and strategy, said: “A city’s attractiveness for long-term real estate investment is fundamentally linked to whether people are inspired to live, work and play there.
“But modern-day factors such as disruptive technology, ageing populations, urbanisation and environmental challenges mean it is also vital to identify locations that will be resilient to change,” he added.
“London is the best city in the world – creative, diverse and full of opportunity,” said Jules Pipe, London’s deputy mayor for planning, regeneration and skills.
“Although there is Brexit uncertainty around the capital, London is open for investment and business from around the globe, and whatever the outcome of Brexit, this will never change.”
Main image credit: Getty