Businesses Say London Is The Top Global Location — And Spike In Planning Applications Proves It
A new survey has found that London is the top choice for companies looking for a location for global teams, and those wanting innovation to increase revenue. And this vote of confidence is backed up by a big jump in the number of planning applications being lodged in the City.
A study undertaken by the City of London Corporation and the City Property Association found that 37% of more than 450 senior leaders of large companies surveyed in the world’s top central business districts viewed London as the best location for global teams, placing the capital ahead of New York (26%), Paris (20%) and Singapore (17%).
London is also the front-runner as a global city for innovation that increases revenue, with 35% of respondents rating it top followed by New York (31%), with Singapore (17%) and Paris (15%) lagging behind.
The survey result coincides with a 29% increase in the number of planning applications lodged in the city, with 148 submitted already this quarter, compared to 115 in the whole of the last quarter.
City of London Corporation Planning and Transportation Committee Chairman Chris Hayward said that the survey and rise in planning applications show how well London has weathered the uncertainty around Brexit.
“This is a vote of confidence for London in a post-Brexit environment — in areas like tech London is still very much first choice,” he said. “Around the time of the Brexit vote there was a lot of worry that there would be significant job losses, but so far there has only been a few thousand, and we are actually receiving more planning applications than ever before.”