An investigation by virtualofficeworld.com reveals that the majority of banking and finance firms, who enquired between January and June 2009, requested virtual offices in Birmingham.

This is in contrast to enquiries made for physical offices through online specialist officebroker.com, where the most popular locations for businesses from the banking and finance sector was the EC area of Central London, otherwise known as 'The City' or the 'Square Mile'.

Birmingham also edged out Manchester, along with other parts of Central London such as the NW, W and WC postcode areas.

What makes Birmingham virtual offices so desirable for banking and finance firms?

Situated in the West Midlands, Birmingham occupies a highly central and accessible location - ideal for businesses that require regular use of meeting rooms as part of their virtual office solution. Numerous transport links such as major motorways, train lines and an international airport allow easy access to and from the city.

Known as the UK's second city, Birmingham offers a prestigious location for businesses seeking virtual offices. The city attracts many high-profile companies from a variety of sectors, and offers a range of quality workplace solutions from virtual offices right through to Grade A properties.

As testament to its popularity, Birmingham was recently named the third best UK city in which to locate a business, according to Cushman & Wakefield's 2008 UK Cities Monitor.

The report covers 21 factors, including transport links, staff resources, office accommodation and quality of life, in 15 of the country's largest cities. It also surveys companies on which aspects of a city they regard as the most important when deciding where to locate their business. 50% of respondents stated that 'Easy access to markets, customers or clients' is considered the most important factor, followed by 'value for money of office space' and the 'ease of recruiting staff.'

Adrian Hill, head of business space at Cushman & Wakefield, said:

"Many UK cities have seen a renaissance over the last few years with major regeneration projects delivering world class business and leisure environments. This investment, along with commitment from visionary councils, has helped to encourage major corporates to look outside of London when deciding where to locate their business."

City of a thousand trades

Once a driving force behind the Industrial Revolution, Birmingham became known as the "city of a thousand trades" - a name that is still relevant today, thanks to the city's diverse work and employment sector.

Today, Birmingham is dominated by the service sector, and is said to employ over 100,000 personnel in the banking, finance and insurance sector. Furthermore, the city is the birthplace of two of the UK's largest banks - Lloyds Bank (now Lloyds Banking Group) in 1765 and the Midland Bank (now HSBC Bank plc) in 1836.

Therefore with roots in the banking industry stretching back hundreds of years, Birmingham offers an excellent base for financial firms seeking a virtual office solution.

To find out more about virtual offices in Birmingham, visit our website at virtualofficeworld.com or speak to one of our consultants for free expert advice.