Despite London, Paris and Frankfurt being the main cities in Europe for business, Moscow has become the number one city for companies which are looking to expand, according to Cushman & Wakefield.

The survey revealed that 47 major companies intend to expand in the Russian capital, more than any other European city in 2010, up from 35 in 2009. Warsaw in Poland fell to second place as only by 30 companies indicated it as their favoured location, a decline from 36 in 2009.

Tim Millard, managing director of Cushman & Wakefield in Russia, said: “Many major corporations now see Moscow as their top target for future expansion. Strong GDP growth and lthe arge scope for increased consumer spending make it an important driver for future company growth while its oil and gas sector retains its allure. This upcoming demand is not yet priced into the market so there remains a small window of opportunity for occupiers to secure their current and future requirements at reasonable rates. Likewise, investment yields are likely to compress rapidly although it is almost too late to do the best deals.”

Vienna, Austria is the biggest mover in 2010, going up six places to rank as 22nd best European city for business. Whilst London again ranked the top business city overall, a position it has held every year since the survey started in 1990. Paris and Frankfurt continue to be ranked second and third, with Brussels moving into fourth place ahead of Barcelona with an improved score over the year. Düsseldorf has broken into the top 10 for the first time, moving up by five places. As a result, German cities account for four of the top 10 cities.
Martin Brühl, managing partner Cushman & Wakefield Germany, said: “Of the 10 most favoured business locations in Europe almost half - Frankfurt, Berlin, Munich and Dusseldorf - are in Germany. This underlines the high regard for Germanys economic performance and adaptability as well as its politics in these crisis-stricken times."