Which Cities will shine in Future?
Monthly Market Commentary: October 1, 2018
According to Jones Lang LaSalle (JLL), the cities which are best positioned for long term success are San Francisco, Silicon Valley, Boston, New York, London, Los Angeles, Paris, Amsterdam, Toronto, etc.
JLL further states that, "In an increasingly digital and global economy, cities must be able to attract high-end talent, foster innovation, and maintain competitiveness – and failing to do so can have dire consequences.
Which cities are prepared to adapt, and which will get left behind in the dust?"
In order to answer this question JLL produced a City Momentum Index, which tries "to identify the cities that are at the forefront of the innovation economy, by looking at key factors such as the number of tech firms, education, environment, transparency, infrastructure, and international patents." The cities that are at the top of the JLL Momentum Index are: Hyderabad, Bangalore, Ho Chi Minh City, Pune, Kolkata, Hanoi, Nanjing, Delhi, Hangzhou, and Xian.
Out of the 30 cities best positioned for long-term success, 12 are in the US and 3 in Canada, 2 in Australia, and 10 in Europe. Only three cities were located in Asia (Tokyo, Seoul and Singapore, but not one was located in either India or China).
Of the 30 cities with the highest growth momentum, only 5 cities were outside Asia (Nairobi, Lagos, Dubai, Seattle, and Bucharest).
I have to say, I found it bizarre that no cities in China and India were on the list for long term success.
As Herodotus opined already in the 5th century BC, "The cities that were formerly great, have most of them become insignificant; and such as are at present powerful, were weak in olden times. I shall, therefore, discourse equally of both, convinced that human happiness never continues long in one stay.”
With kind regards