Business Travel : London vs. New York

Business Travel - London vs New York
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The top business destinations in the world are arguably London and New York. Both have the diverse economies and cultural attractions that can increase any portfolio and keep anyone busy outside of the boardroom.

We all know the big attractions that give off the old fashioned yet extremely modern character of each. Whether they are the Natural History Museum, Empire State Building, Trafalgar Square, Chrysler Building, National Gallery, Statue of Liberty, or any of the others, you know how to spend your time. But there’s more to the cities than their attractions. Both have robust economies and have stock exchanges as well as established businesses and tech startups.

Business Travel

There’s just one question to ask; which one is best for business travel? Well, before we answer the question, you should consider where to stay first. To save money on extended stays, we recommend thesqua.re, a global marketplace of serviced apartments that have all the homely features anyone need for short or extended stays in London and New York. So if you’re looking for corporate housing in NYC or corporate apartments in London, thesqua.re has you covered.

And now, back to the main attraction: Is London or New York better for business travel?

Finance, big businesses and startups

These giant cities are renown for being centres of commerce, business and entrepreneurship. This is hardly surprising being that one (London) is the capital of a nation, and the second (New York) is one of the top destinations in the world for business and leisure travellers.

Some of the businesses, startups and financial institutions you may have already heard of. If so, then you can understand the popularity of the two locations. And now, let us compare the two:

London

London business hubThe top businesses in London include:

  • G4S Secure Solutions Inc
  • PwC
  • EY
  • WPP
  • Associated British Foods
  • Standard Chartered Plc
  • 7
  • BAE Systems Plc
  • Capita plc
  • CNH  Industrial
  • Amec Foster Wheeler Plc.

A few of the top startups in London that you should keep an eye on are:

  • Bulb
  • Simba
  • Mous Products
  • Pip & Nut
  • Elder Technologies
  • Climb Online
  • Syft
  • Monese
  • Craft Gin Club
  • AirSorted.

The financial areas and institutions in London are:

  • Canary Wharf
  • Liverpool Street
  • Aldgate
  • London Stock Exchange
  • Bank of England.

New York

New York Business Hub

The top businesses in New York include:

  • IBM
  • PepsiCo
  • JPMorgan Chase & Co.
  • Citi
  • Verizon
  • ABM Industries
  • Pfizer
  • Icahn Enterprises
  • Philip Morris International
  • Omnicom Group.

Here are some of the top startups in New York:

  • Oscar Health
  • Casper
  • Birchbox
  • Thrive Global
  • Transfix
  • Blue Apron
  • WeWork
  • Warby Parker
  • Betterment
  • Cadre.

You already know them, but here are the financial areas and institutions in New York:

  • Wall Street
  • Financial District
  • New York Stock Exchange
  • Federal Reserve Bank of New York.

Winner: I think we all know that London is the top dog here. Despite all economic uncertainty (Brexit) it is still reversing all expectations. Not surprising considering its global status in the world and its unequivocal devotion to business and innovation. Any business traveller or investor can find a prodigious reasons to invest and set up shop in the London. There’s pools of talent and technological developments that all business travellers should get support and get involved in.

Attractions, things to do and many sights

When we’re kicking back or just wanting to chill after a long week in the office/boardroom, attractions and highlights make up our spare time. They offer us insights into the city, the past and probably a possible future. Art galleries allow us a new perspective into the past while natural attractions like parks give us the perfect place to reflect on the day and to chill in quieter surroundings.

The attractions below define the very nature and character of the cities and demonstrate their place in an ever connected world. With diverse populations and a hoard of sights that show off their fascinating, bloody and contentious histories, business travellers have plenty to do in their free time when they’re thinking of the right pitch or want to clear their head.

London

London Attractions

Some of the most memorable and top attractions in London are:

  • Big Ben
  • London Eye
  • Tower of London
  • Buckingham Palace
  • British Museum
  • Tower Bridge
  • St Paul's Cathedral
  • Trafalgar Square
  • Palace of Westminster
  • Covent Garden
  • Westminster Abbey
  • National Gallery
  • Piccadilly Circus
  • The Shard
  • Victoria and Albert Museum
  • Natural History Museum
  • Tate Modern
  • Camden Town
  • Borough Market.

New York

Brooklyn Bridge New York

Most will agree that the best attractions in New York are:

  • Statue of Liberty
  • Central Park
  • Empire State Building
  • Times Square
  • Metropolitan Museum of Art
  • Brooklyn Bridge
  • Rockefeller Center
  • Museum of Modern Art
  • One World Trade Center
  • Chinatown
  • American Museum of Natural History
  • Greenwich Village
  • Broadway
  • Chrysler Building
  • Central Park Zoo
  • Brooklyn Botanic Garden.

Winner: London is the clear winner here too. People forget, it’s an old city that has withstood the test of time and as such has attractions that span many centuries, to the point where you can see its development over time. New York, like the US itself, isn’t very old and misses out on the antique feel that London so proudly displays.

Statistics, data and other bits

There are other little points to be considered in any comparison of London and New York. From the GDP they contribute, to costs that must be considered for business traveller that stay long term (rent, houses etc), unemployment rate and more.

Some of these may be irrelevant for some business travellers. They may only want to know about the info further up in the blog, but to bring a more rounded comparison, extra data has been found. Take a look:

London

  • The capital generates 22% of UK GDP despite accounting for only 12.5%
  • Population is 8.7 million (includes Greater London)
  • It costs $34,531 per square meter to buy in London
  • Unemployment rate is 4.9%.

New York

  • It’s Gross State Product is roughly $1.19 trillion, ranking third in size behind the states of California and Texas
  • Population of New York is 8.6 million
  • It costs $18,499 in per square meter to buy in New York City
  • Unemployment rate is roughly 4.2%.

Winner: This is a close call. Both cities are of different size and have hold different values in  their respective nations. Also, some of these figures may not be important to you. The winner of this round is entirely up to you. (Although we can sneakily reveal that New York is our own secret winner of the round).

Conclusion

Based on the amount of areas won, London is the clear winner. Some may disagree (and feel free too) but that’s in relation to this post. Other studies, data and future posts might prove our own conclusion wrong.

What we can say is this: London and New York have distinctive qualities that benefit business travellers. Similarities are there, notably their commitments to creating global environments and committing themselves to entrepreneurial endeavors. Their attractions can easily entertain those that want a break from the endless meetings and boardrooms.

So, when going to either city in the future on business travel, ensure you get the time to explore them and be sure to research your potential clients before you pitch. Also, find a moment to discover the big boys in town that are the future. Startups grace each city and can deliver ROI and future relationships that will last.

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