Asia Pacific is home to 19 of the 20 most dynamic cities in the world, according to JLL’s sixth City Momentum Index (CMI). The index identifies the most rapidly growing urban economies around the world – but also warns of the environmental and social impact of such rapid growth.
Investment management firm Jones Lang LaSalle (JLL) published its latest ranking of the world’s most dynamic cities, and it reveals a dramatic East-West divide: of the top 20 cities in the ranking, all but one – Nairobi – are in the Asia-Pacific. And even Nairobi, which came in sixth place, is heavily influenced by significant amounts of infrastructure-focused investment from China, according to a JLL press release.
Bengaluru, often referred to as India’s Silicon Valley, topped the ranking. It was followed by Hyderabad, which came in first place last year, Hanoi, Delhi and Puna. Overall, Indian and Chinese cities dominated the ranking, accounting for three-quarters of the top 20.
This year’s ranking stands in strong contrast to 2017’s, when nearly half of the top 20 cities comprised European and American ones, according to Quartz India.
“Asia continues to show strong momentum, with cities that are successfully expanding their innovation economy punching above their weight in terms of attracting capital, companies and people,” said Jeremy Kelly, director of global research at JLL.
But this growth comes at a price, warned Kelly: “These cities need to address the environmental and social impacts of rapid growth such as social inequality, congestion and environmental degradation. The provision of smart, efficient and productive real estate and increased transparency are key factors in driving long-term sustainable growth.”
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