Sydney has been identified as a ‘future challenger’ to the Big Six of the ‘Established World Cities’ of Tokyo, Singapore, Hong Kong, London, New York and Paris, according to new research from global real estate consultancy JLL in conjunction with
Asia Pacific’s three established world cities risk being outshone by emerging cities in the region over the next decade. Tokyo, Singapore and Hong Kong make up half of the ‘Big Six’ established world cities and, along with London, New York and Paris, attract world class corporations, talent and more than one fifth of global real estate investment.
However, the report,
Globalisation and Competition: The New World of Cities, reveals that a number of cities in Asia Pacific could challenge their dominance. Sydney and Seoul are identified as the most likely to break into this elite group in future.
Rosemary Feenan, director of Global Research Programmes at JLL, says: “In order for the ‘Big Six’ cities to maintain their dominance, they will need to execute bold and ambitious urban transformation projects to accommodate growth and stay globally competitive.”
Based on index results since 2013, there are three main candidates to join and expand ‘The Big Six’. Seoul, Toronto and Sydney are now in their fourth cycle of global engagement and adjustment, and have acquired some of the financial, headquarter and institutional critical mass.
The report also names Brisbane and Melbourne as ‘New World Cities’ due to establishing themselves as some of the world’s most liveable cities.
The Report says Brisbane’s key strength is ‘Quality of Life’ – coming in 20th in The Economist Intelligence Uni (EIU) Global Liveability Index for 2015. The Report says Melbourne’s key strength is ‘Human Capital’. Melbourne also was recently named Number 1 in The Economist Intelligence Unit (EIU) Global Liveability Index for 2015.
According to the research, relative to their size, ‘New World Cities’ attract a disproportionate share of global investment as investors look for value beyond the core group of ‘Established’ and ‘Emerging World Cities’.
JLL Australia CEO, Stephen Conry said, “Sydney’s international reach is growing and its stature compelling. It is a strong contender to the ‘Big Six’ established world cities.