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A new study shows that Frankfurt am Main is ahead of the pack

As a considerable portion of the financial industry is expected to leave London in the wake of the Brexit vote, a number of major European cities are now competing to host these international financial service providers in the future. In contention are Paris (OECD headquarters), Luxembourg (low taxes), and Dublin (English speaking). Frankfurt am Main outshines them all, however, according to the IW economists.

The metropolis on the Main River is the financial center of the largest national economy in Europe and home to the European Central Bank. In addition, the study documents that Frankfurt offers a higher quality of life than its European counterparts. Frankfurt is easily accessible with a modern airport, state-of-the-art medical care, and extremely high safety and security standards.

Frankfurt’s real estate market also has much to offer. Around 12 % of the city’s office space is vacant. Dublin is a distant second at 8.4 %, followed by Paris (6.8 %), and Luxembourg (4.4 %). Vacancy rates have impacted rent prices in these cities. “Rent prices for upscale office space in Paris are nearly 50 % higher than in Frankfurt,” explained IW real estate expert Michael Voigtländer.

Recent surveys rank Frankfurt number seven in terms of quality of life, far ahead of Luxembourg (19), Dublin (33), and Paris (37). Firmly established as the financial center for the European single market, Frankfurt is well positioned to attract further banks and investors in the future. “It is highly likely that Frankfurt will prove to be the largest benefactor of the Brexit vote,” assessed Voigtländer.

The study can be found here.

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