Wednesday, January 27, 2016
Rise of the Innovation-Oriented City
City Momentum Index
The current cycle of globalisation, urbanisation and technological advancement is leading to a shake-up of the global urban hierarchy and creating sweeping changes to the geography of commercial real estate opportunity.
In this new era of city competition, success is no longer purely about size or inherited attributes, but revolves around innovation, liveability and a city’s ability to transform and adapt to a constantly changing socio-economic landscape.
JLL’s City Momentum Index (CMI), now in its third year, tracks the speed of change of a city’s economy and commercial real estate market, identifying those cities which have the most dynamic urban economies and are adapting most rapidly to the imperatives of technological and infrastructural transformation.
Key Highlights of 2016
Nairobi’s (11th) impressive demographic and economic momentum is necessitating the creation of infrastructure and real estate to support the city’s expansion as it registers among the highest levels of office and retail construction and absorption of any city in the CMI. Nairobi is also pushing to become the centre of technology in Africa, with a growing number of tech incubators and venture capital funds opening in the city. The start of construction on Konza Techno City, an innovation hub including space for higher education and technology firms, is laying a solid foundation for the future.
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