JLL has released its ​​ fourth annual City Momentum Index (CMI) which tracks the rate of change of a city’s economy and commercial real estate market and identifies which cities have the most dynamic conditions.​It covers 134 major business hubs across the globe.

According to the report, this year, five mainland Chinese cities made it in the top 30, with Shanghai ranking fourth place. Asian cities make up half of the top 10, with Bangalore grabbing the top spot for the first time—the spot previously held by London in the last two years.​

Five Chinese cities—Shanghai (4), Beijing (15) , Shenzhen (22), Hangzhou (26) and Nanjing (29)—made it in the top 30, even as the Chinese national economy shows signs of slowing. ​

Joe Zhou, Head of Research for JLL China, said: “Shanghai has strong ambitions to continue its growth and explicitly aims to become a global centre for both financial services and technological innovation. For now, Shanghai real estate market remains one of the world’s most dynamic market, with strong demand being driven by the growth of domestic Chinese firms. Listed in the top 30 for the first time, Hangzhou is now a budding innovation hub, with strong government support and local start-ups occupying more than 500,000 square meters of space. Hangzhou office completions and net absorptions are among the highest in the world.”

City Momentum Index Rankings

Source: JLL