Last month, we reported that Sydney was hot on the heels of the established “world cities” — emerging in a second tier just behind the “Big Seven”.
London, New York, Tokyo, Paris, Hong Kong, Singapore and Seoul — are the seven that have earned the “world city” title.
More cities around the world have started to check off “world city” status criteria, potentially challenging the destinations that most stimulate the world’s economy.
Beijing, Shanghai, Amsterdam, San Francisco, Toronto, Madrid, Sydney, Los Angeles, Chicago and Washington DC were ranked as potential “contenders”, having been promoted from their previous status as new world or emerging world cities due to acquiring more of the assets and characteristics of established world cities.
JLL’s report, Decoding City Performance, noted that Beijing and Shanghai are the two cities that have moved up from the pack of emerging world cities, closing the gap with neighbouring Seoul and Tokyo.
“Their assets are reaching a critical mass – in the case of Beijing, it is the city’s corporate headquarters, knowledge, media and innovation, while Shanghai has become a highly dynamic business and professional services gateway, underpinned by world-class infrastructure.”
The report listed the “new world city graduates”:
- Amsterdam, a surprisingly powerful performer in the indices given its size, is an example of a high quality city that is now leveraging the borrowed scale, diversity and knowledge of its wider region.
- San Francisco’s ongoing success in terms of IT and tech innovation has seen it record very impressive results in respect of business services, fuelling its business appeal to levels approaching those of the dominant business hubs.
- Toronto combines diverse business sectors with a very strong institutional presence, and the city may stand to benefit from potential immigration reforms in the U.S., especially with regards to attracting tech talent.
- Madrid is crafting a new position on the world stage. The city government is seeking to improve the urban environment, and its vision of ‘nature is poised to reconquer Madrid’ is set to have a profound effect on the city’s future.
- Sydney is strengthening through its renewed focus on metropolitan governance and infrastructure, supporting an increasingly dynamic real estate sector.
Courtesy of The Urban Developer