“Cities globally are undergoing a metamorphosis in the
face of rapid urbanization, technological disruption and
new models of commerce. Cities everywhere are seeking
innovative approaches to seize opportunities and tackle
challenges to ensure they become and remain sustainable,
competitive and livable.”
- Greg Clark, Chairman of The Business of Cities and the JLL Cities Research Center
The new leading ‘New World Cities’
The old world order and the traditional hierarchy of cities is breaking down.
Globalization, urbanization, and technological advancement, alongside a deeper
understanding of what makes cities competitive and attractive, has forced a major
shift in the world’s urban commercial geography. Globalisation and Competition:
The New World of Cities, a report by JLL in conjunction with The Business of
Cities, reveals the evolution of new types, styles, and clusters of cities that will
significantly change the future geography of real estate investment.
Three categories of global
cities: New, Emerging, and
Established
The New World Cities are an evolving
group of cities that are redefining
what it means to be global. Typically
mid-sized, they have strong
technology credentials, are highly
livable with favourable infrastructure,
and are often supported by global
specialisms. Archetypal new world
cities include Munich, Boston, and
Brisbane. These cities are attracting
talent and corporations as well as a
disproportionate share of global real
estate investment. JLL predicts that
these cities will be at the forefront of
innovations in real estate, living, and
work styles by virtue of creating urban
development models that are smart,
sustainable, and resilient.
Emerging World Cities, given their
long-term growth opportunities, are
attracting increasing volumes of real
estate activity, but the rise of these
‘Emerging World Cities’ is uneven.
Shanghai and Beijing, as well as
Istanbul, Taipei, and Kuala Lumpur, are
fast-tracking to maturity, but others are
struggling to keep up with the pace of
change.
The Established World Cities, notably
the “Big Six” of New York, Tokyo, London,
Paris, Hong Kong, and Singapore, will
maintain their dominance, but will
need to execute bold and ambitious
urban transformation projects to
accommodate growth and maintain
their global competitiveness.
SUMMER 2016
|
page 7