MOSCOW-Although London, Paris and Frankfurt remain the top three European cities to do business in, Moscow has been named the most favorable city in Europe for companies looking to expand, according to a survey by Cushman & Wakefield.

“Strong GDP growth and large scope for increased consumer spending make (Moscow) an important driver for future company growth, and 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,” said C&W Russia head Tim Millard.

London is ranked the number one in six of the 12 major rankings including access to markets, availability of qualified staff and international and internal transport links. It scores poorly, however, on the cost of staff, the cost of office space and levels of pollution. “Ultimately (London) is a city that has huge cultural, geographic and language advantages, although it must work hard to ensure that businesses are attracted by government policy and not over-regulated or taxed away," said Cushman's James Young.