For the past few weeks Bengaluru has been in news for all the wrong reasons. But cheer up Bengalurians, you are living in the most dynamic city of the world. That’s right!
In an annual City Momentum Index (CMI) by JLL, a real estate firm, Bengaluru ranks number one after beating Ho Chi Minh City and Silicon Valley.
The CMI ranks cities across the world by the speed of change of the city’s economic and real estate market and the city’s potential to sustain this dynamism.
And, that’s not all. There are five more Indian cities to make to the list of Top 30 – Hyderabad (5th), Pune (13th), Chennai (17th), Delhi (23rd), Mumbai (25th).
According to a report by research director of JLL, Jeremy Kell, the index is measured across three key areas – two that reflect strengths for short-term changes and one used to determine longer-term economic sustainability.
The index examines 42 variables in each of the 134 cities or metropolitan areas. Those factors can be grouped into three areas: two that reflect strengths for short-term changes and one used to determine longer-term economic sustainability.
The first set of factors, which accounts for 40% of the overall ranking, includes socio-economic factors – GDP, population, air passengers, corporate headquarters and foreign direct investment. The second, accounting for 30%, focuses on commercial real estate momentum, which encompasses changes related to construction, rents, investment and transparency in the office, retail and hotel sectors.
The third group includes innovation capacity and technological prowess, access to education and environmental quality. It accounts for 30% of the index. Without a concentration on education and the environment, without strong economies and business practices that encourage start-ups and patent applications, without what we call “future-proofing,” these cities can flame out.
India has also beat China in the number of cities it has featured on the list. Woah! How awesome is that?
H/T: The Huffington Post