Manila Grabs 8th Place In World’s Most Dynamic Cities
Manila jumps to the 8th spot in the global ranking of the most dynamic cities. It went up by four notches in 2019 from 12th place in 2018 in the survey led by real estate and investment management services firm JLL.
The index combines socio-economic and commercial property metrics of 130 markets to identify the world’s most dynamic urban centers. The key growth drivers that it identified that cities can employ to cushion the rapid momentum are the expansion of innovation hubs, talent attraction, and urban planning.
Meanwhile, Manila ranked 48th in terms of real estate. Prime rental growth will have an increase of 3.8 percent annual average for 2020 to 2022 (19th globally, hotel construction of 15.6 percent (14th globally), and office net absorption of 7.3 percent (also 14th globally).
The Asia Pacific is home to the most dynamic urban centers in the world based in the JLL index, with a third of the world’s top 20 cities belonging to the region. The result of their study also shows a continued shift in global influence transferring from the West to the East, where Indian, Chinese, and Vietnamese cities dominate the top posts.
Seven cities from India are in the top 20, making the country lead the 2020 index. Despite their economy’s slowdown last year, they managed to rise to the top due to their strength being driven by locations in their southern states such as Hyderabad (1st) and Bengaluru (2nd), maintaining their status as the top two cities for short-term momentum.
China, on the other hand, has continuously demonstrated significance in driving global momentum. One-fifth of the global top 20 cities are from China, however, Shanghai is the only city to have made it in the top 20 for the past several years.