India home to world’s most dynamic cities
dubai — Six Indian cities, led by the country’s primary IT and technology hub Bengaluru that is ranked world’s top, are among the world’s 30 most dynamic cities, according to JLL’s City Momentum Index 2017.
“India has not only taken over from China as home to the world’s most dynamic cities but also knocked off London from the top position that it had strongly held on to, for the last two years,” said Ramesh Nair — chief operating officer and International director, JLL India.
The world’s most dynamic cities in JLL’s index share the ability to embrace technological change, absorb rapid population growth and strengthen global connectivity, said Nair.
Globally, Bengaluru is followed by Ho Chi Minh City, Silicon Valley, Shanghai and Hyderabad, which completed the top five.
Other Indian cities to figure among the most dynamic 30 include Pune at No. 13; Chennai at No. 18; Delhi at No. 23 and Mumbai at No. 25. Among the most densely-populated areas on Earth, these cities have shown the fastest change on key parameters to emerge in the global top league.
Placed at 11 in the global top 30, Dubai finished just behind Nairobi (10) and London (six) in the Europe, Middle East and Africa market. Top of the list went to the Indian powerhouse Bengaluru, Covering 134 major business hubs across the globe, the annual index tracks the rate of change of a city’s economy and commercial real estate market and identifies which cities have the most dynamic conditions.
Five Chinese cities—Shanghai (4), Beijing (15), Shenzhen (22), Hangzhou (26) and Nanjing (29)—made it in the top 30, even as the Chinese national economy
India has not only taken over from China as home to the world’s most dynamic cities but also knocked off London from the top position Ramesh Nair, COO and Int’l director, JLL India
shows signs of slowing. “After helping India debut on the CMI Top 20 technology-rich cities last year, Bengaluru has done it again. This year, with technology and innovation underpinning its top position, the city staved off strong competition from Silicon Valley to Nairobi,” said Nair.
Along with Hyderabad, Bengaluru also lead the rise of agile emerging world cities figuring with best-in-class examples such as Shanghai, Shenzhen and Dubai. Being India’s leading IT hub, Bengaluru has attracted a range of the world’s leading technology firms, apart from nurturing successful start-ups. This is driving strong real estate demand which, backed by exceptional levels of growth, has propelled the erstwhile ‘Garden city’ to the top of this Index.
Similarly, Hyderabad has attracted major investments from the likes of Microsoft, Apple and Uber as a national technology centre. The city’s leadership has been instrumental in enabling Hyderabad to keep pace with Bengaluru — helping to set up India’s largest incubator, focusing on specific niche industries such as gaming and animation and building business attractiveness — all of which helped the ‘city of pearls’ in making it to the global top five.
However, ensuring that infrastructure keeps pace with the city’s rapid development is expected to remain a priority for the city. After several deferments, the Hyderabad metro system is set to open in 2018. Similarly, Bengaluru faces challenges in maintaining its momentum, with infrastructure deficits and room for further improvements in market transparency.
Chennai, Delhi, Mumbai and Beijing feature in the Top 30, but their positions are compromised by poor scores on environmental sustainability, JLL noted.
Affordability and space constraints are hindering momentum in some cities. For example, San Francisco that has fallen out of the Top 20 for the first time and Hong Kong that could not make it to the top group partly due to supply constraints stifling momentum.
Tokyo and Seoul, which were in the top 20 in CMI 2016, have fallen out of the top positions, ranking in the mid-30s. While both cities finish in the top 10 on long-term momentum, they have disappointed on short-term economic and real estate momentum during 2016.
According to JLL, Singapore failed to make the top cut due to a continuing correction in office and retail rents, and sluggish net absorption.
— issacjohn@khaleejtimes.com