Dubai No. 3 in JLL’s City Momentum Index
The world’s most dynamic cities unveiled
February 3, 2014 1:31 by kippreport
Consultancy firm Jones Lang LaSalle (JLL) released the “City Momentum Index” (CMI), which tracks the speed of change of a city’s economic base and its commercial real estate market.
The heavyweight super cities of London, New York and Tokyo; the major global gateways and trading hubs such as Hong Kong, Singapore and Dubai; and cities with soft global power and influence, such as San Francisco and Los Angeles account for one-quarter of the world’s direct commercial real estate investment activity (2012 to 2013), as well as significant foreign investment in residential property.
Covering 111 major established and emerging business hubs across the globe, the CMI Top 20 includes many of the most internationalised elite cities that are well established on the world stage.
Dubai, which ranks third, is bouncing back following a deep slump in its economy and real estate market since the global financial crisis. Property prices are rising, but growth appears to be on a sounder footing than in the pre-crash years of 2006 to 2008, underpinned by the city’s strong global connectivity and its status as the service hub for the MENASCA region, as well as its position as a preferred staging point for an increasingly dynamic Sub-Saharan Africa.
Furthermore, winning the bid to host Expo 2020 has given the city renewed confidence and momentum.
The cities covered by the CMI have been shortlisted on the basis of a combination of a weighted index of population, GDP, corporate presence, air connectivity, real estate investment activity and commercial real estate stock.