Manchester has emerged as the third most influential city in Europe for talent, location and costs.
It is ranked in the top 20 of real estate firm Colliers International’s new Cities of Influence report.
It states: “…. the combination of high scores for its strong latent talent/future skills pool, high affordability and low cost combine to move the market up the rankings. Good news for the Northern Powerhouse policymakers.”
The report features a ‘TLC’(talent, location and cost) index in which 20 major individual economic cities are ranked.
These factors have been categorised based on the size and orientation of economic output and the workforce; the capacity and skill-set of the latent and emerging talent pool; the cost and affordability of the city – as a place to live and save, and in terms of the cost of labour and total cost of office occupation; and finally, the country risk associated with the market, and the inherent risk/challenges presented by labour laws.
Director and head of the Manchester office of Colliers International Andrew McFarlane said: “Manchester has worked hard to build its reputation as an international city.
“Over the past 20-plus years it has steadily grown and developed into the global player that it is today and that momentum is still building as Manchester cements its place at the heart of the Northern Powerhouse.
“What is encouraging about this report is that what has been clear to many in Manchester for several years is increasingly being recognised by a global audience. Manchester’s best days lie ahead.”
Throughout the analysis, London and Paris hold the top two spots, primarily because of their size.
Outside of the big two markets, Manchester, Stockholm and Dublin are the three cities which feature most highly at third, fourth and fifth place, respectively.
Paris is the leading market when it comes to output/orientation, future skills and capacity and affordability/cost.
Paris scores particularly strongly when it comes to the size/experience of the latent talent pool, driven by higher levels of short-term unemployment than those available in London.
Yet when it comes to the final results, factoring in market risk, London takes the reins.
The UK’s labour laws are far more relaxed in London than in Paris, which has been a major driver of businesses location decisions in favour of London.
Damian Harrington, director head of EMEA research at Colliers International, added: “Some occupiers will be more focused or interested in one component over another and thus the overall weightings and scores could change according to these preferences.
“For example, occupiers driven by cost may see the southern European and CEE markets as more attractive than their northern and western European counterparts.
“Alternatively, occupiers focused on a digitally sophisticated workforce will be more tempted by Stockholm and Prague than Barcelona or Brussels.”