Context: 6th City Momentum Index has been released by JLL.
What is JLL’s City Momentum Index?
- It measures momentum for 131 of the world’s most commercially active cities.
- This is done by tracking a range of socio-economic and commercial real estate indicators over a three-year period to identify the urban economies and real estate markets undergoing the most rapid expansion.
- Silicon Valley of India, Bengaluru has emerged as the world’s most dynamic city.
Analysis:
The absence of European and American cities demonstrates a marked East-West growth divide, reflecting Asia’s continued rapid urbanization and economic growth, driven by globalization, innovation and demographic factors.
Overall, Indian and Chinese cities dominate the rankings, accounting for three quarters of the top 20.
Key drivers of growth: Asia continues to show strong momentum, in terms of attracting capital, companies and people. Tech sector is a key driver of both real estate and economic momentum–driven by large technology firms as well as dynamic start-ups.
Challenges: Investing in infrastructure and greater transparency is essential. The cities need to address the environmental and social impacts of rapid growth such as social inequality, congestion and environmental degradation.
Sources: the hindu.
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