A quick glance at a new ranking of the world’s “most dynamic” cities highlights a clear reality; Asia Pacific is leading the way.
On closer inspection, the top 20 in JLL’s City Momentum Index features just two in North America – Silicon Valley at number 9 and Austin at 19 – showing a continued shift from west to east.
Earlier this week JLL reported that Toronto has slipped in global commercial real estate investment rankings.
The two US cities are in the top 20 for the first time and are the only representatives from developed economies. Their reputations as established technology and innovation hubs are attracting young talent, making both cities attractive real estate investment destinations.
"The remarkable dynamism in the emerging Asian economies is proof that economic reforms, business growth and infrastructure investment can drive the expansion of industry, significantly in the tech sector, and facilitate a start-up culture,” said Jeremy Kelly, Director of Cities Research at JLL. “This is now being repeated the world over, as geographical diversity looks to be returning to the Index."
India leads with 7 cities in the top 20, followed by China with 4.
The Index identifies a number of key growth drivers, including talent attraction, the expansion of innovation hubs and better urban planning, that cities can employ to meet the challenges faced by rapid momentum.
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