The pace and scale of change in today’s globalized, digitized economy is leading to an unprecedented transformation of our cities. As technology-enabled platforms lower barriers to entry and ensure that demand for talent and innovation becomes increasingly global, cities are needing to adapt and build environments that foster innovation ecosystems, talent and connectivity in order to maintain their competitiveness and gain the benefits of this rapid shift.
What is the City Momentum Index?
JLL’s City Momentum Index, now in its fifth year, tracks a broad range of factors to identify cities which posses attributes for success over the short and long term. The Index covers 131 major
established and emerging business hubs across the globe, measuring each city’s short-term socio-economic and commercial real estate momentum, together with its ‘future-proofing’ capacity – the ability to maintain this momentum over the longer term.
New York: Future-Proofed at Number 3
New York (3rd) has the most people employed in tech occupations in the U.S., as well as adding the
largest amount of people in this category over the five years to 2016. Supplementing its concentration of the world’s biggest companies, it has the second highest number of tech start-ups in the CMI (after San Francisco).
So what does it mean, that we are “future-proofed”? Perhaps it means that we continue to be viewed as a safe haven for foreign investors. Perhaps it means that millennial and future generations of talent continue to flock to our city and redefine neighborhoods, sub-markets and lifestyles. Maybe tech firms will continue to thrive in our hubs and expand new clusters, seeing the City as the future of their success because of funding opportunities.
One thing that is for sure- we do not see New York slowing down any time soon. It is, after all, the city that never sleeps!
To experience the whole City Momentum Index and see where your city falls, view the report here.