Does High‐speed rail influence the location decisions of knowledge‐intensive firms in Germany?

Abstract Knowledge‐intensive firms (KIFs) play a crucial role in urban development by fostering networks for knowledge creation. Spatial characteristics, particularly accessibility, shape their locational decisions. The emergence of high‐speed rail (HSR) has significantly altered accessibility patterns in many countries, suggesting an influence on the spatial distribution of KIFs. This paper examines the relationship between increased accessibility around HSR stations and KIFs' location decisions. We conducted interviews with 49 KIFs in eight German HSR station areas with substantially improved accessibility. Results show that KIFs rarely decide on locations solely for HSR access. Instead, multimodal accessibility, spatio‐functional integration and urban amenities are significant. Additionally, the HSR connection serves as an image factor and supports employee recruitment. Overall, favourable location factors reinforce each other, turning HSR station areas into attractive locations. Thus, municipalities should not rely solely on improved HSR accessibility but develop HSR station areas into multimodal/‐functional locations to trigger wider economic impacts.