THE 2017 REPORT
The Future Of Real Estate
In The World’s Leading Cities
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We live in a remarkable era. Around the world over
490 million people reside in countries with negative
interest rates. Over 60% of the world’s citizens now
own a smart phone. An estimated four billion people
live in cities, which is up by 23% on ten years ago.
The above fgures highlight three key trends that are
shaping our times.
Firstly, the era of low to negative interest rates has
reduced investors’ expectations on what constitutes
an acceptable return. The fnancial rollercoaster ride
that led to this situation has made safe haven assets
highly sought after.
Secondly, a volatile economy has not stopped an
avalanche of technological innovation. Smartphones,
tablets, WiFi and 4G have revolutionised the spread of
information, increased our ability to work on the move,
and led to a fowering of entrepreneurship.
Thirdly, our fast growing cities are centre stage in the
innovation economy, and in most of the Global Cities,
supply is not keeping pace with demand for both
commercial and residential real estate. Consequently,
tech and creative frms are increasingly relying upon
pre-let deals to accommodate growth, while their
young workers struggle to fnd affordable homes.
The previous two editions of Global Cities charted the
rising importance of technology frms and creative
workers to established business hubs like New York,
San Francisco, London and Paris. This edition shows
that the tech and creative economy has spread to
emerging market cities like Shanghai and Bangkok,
and tier-two western cities like Austin and Berlin.
However, the common message coming from the 34
Global Cities surveyed in this report is that the urban
economy is increasingly people-centric. Whether a
city is driven by fnance, aerospace, commodities,
defence, or manufacturing, the most important asset
is a large pool of educated and creative workers.
Consequently, real estate is increasingly a business
that seeks to build an environment that attracts and
retains such people.
This year’s Global Cities report looks at how real
estate is achieving this across the world.
The Global Cities are achieving rapid growth by
attracting the talented, high value workers that all
companies, across industries, want to recruit
JOHN SNOW
Head of Commercial, Knight Frank
JAMES D. KUHN
President, Newmark Grubb Knight Frank
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GLOBAL CITIES 2017
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GLOBAL CITIES 2017
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The Super Cities
Why cities cope best with
economic transformation
10-11
The Age of Extremes
Is anti-globalisation a threat
to the rise of cities
12-13
Skyscraper Index
14-15
New Tech City
Creative industries thrive in
New York City
16-17
Tomorrow’s World:
London’s Future Businesses
18-19
Meet The Decacorns
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Living in the City
Back to the future in the
Global Cities
24-25
Bouncing Back
on Reinvention
Cultural revolution comes to
Dubai and Miami
26-27
De-zoning - The Future for
Retail’s Urban Utopia
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Designs on the Future -
Christophe Carpente
The secrets behind luxury
shop design
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Washington’s Hotel Market
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Go East
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CBD Living In Melbourne
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San Francisco Tech -
Growing HQ City
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The Comeback Kid -
Seattle
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Amsterdam: A Smart City
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Labs In The City -
Boston’s Scientifc Cluster
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Silicon Hills:
Austin’s Tech Cluster
58-59
The Rise of Silicon Beach -
Los Angeles
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The Rise of Toronto the Good
61
Berlin is Buzzing
62
Bengaluru’s Unicorn Club
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Tech Mushrooms in Seoul
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Mumbai’s Growth
Sustaining Infrastructure
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Shanghai: TMT in the City
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Beijing:
The Rise of Jing-Jin-Ji
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Delhi: The Hub and Spoke of
North India
68-69
Singapore: Decentralisation
or Recentralisation
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Kuala Lumpur -
The FDI Hub
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Industry 4.0 in Bangkok
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Trade and Investment
Builds Bogota
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More Growth Ahead for
Mexico City
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Competing on the
World Stage
Disruptive forces are
shaping how frms approach
their offces
36-37
Sydney and Brisbane -
A Tale of Two Cities
38-39
Hong Kong -
Asia’s World City
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Accessibility in Tokyo
41
Frankfurt -
Germany’s Skyscraper City
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Dublin: Tech, Talent and Tax
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Madrid Leads
Spain’s Recovery
44-45
Over There
The major fows in cross-
border investment are
mapped out
46-47
Three Themes for
Real Estate Investors
48-49
A Thousand Futures for Paris
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12-13
The latest Skyscraper
Index shows that offce
rents in Asia’s tower
buildings are growing
apace, with Shanghai as
a hotspot
30
In 2012 it was the Media Centre for
the London Olympic Games. Now it
is home to Here East, an innovative
tech and creative work space
46-47
Three Themes for
Real Estate Investors looks at
portfolio rebalancing, ‘real’
assets, and the opportunities
offered by ‘buildings with beds’
46-47
A relaxed lifestyle and educated workforce has made
Austin, Texas, a magnet for tech frms. The city’s
population is growing by 150 people a day
18-19
Stand aside Tech Unicorns, here come the
Tech Decacorns – meet the CEOs who run
start-ups in the $10 billion plus bracket
See important notice at the end of this report
GLOBAL CITIES 2017SUPER CITIES
67THE AGE OF EXTREMES
Could the rise of anti-globalisation
populists undo the success of the
world’s gateway citiesNEW TECH CITY
Insatiable growth for a new wave of
tech and creative frms is transforming
Manhattan’s geographyTOMORROW’S WORLD
Discover the fve rising industries who
will drive offce demand in London in
the futureMEET THE DECACORNS
Already the tech unicorns fnd
themselves overshadowed by the
decacorns. We profle three of their CEOs
A characteristic of the global economy in the last decade
has been the phenomenon of stagnation, and indeed
decline, occurring alongside innovation and success. If you
were invested in the right places and technologies, the last
decade has been a great time to make money; yet at the
same time some people have lost fortunes.
The locations that have performed best in this
unpredictable environment have generally hosted the
creative and technology industries that lead the digital
revolution, and disrupt established markets. In many ways,
the Apple iPhone symbolises our era.
THE IPHONE GENERATION
The iPhone was launched in June 2007, just as the U.S.
sub-prime mortgage crisis was escalating into the Global
Financial Crisis (or GFC). This should have been a terrible
time to launch a new product, however the iPhone defed
years of rollercoaster economic news to post rising sales
through the GFC, the Euro Crisis, and the commodities rout.
In the process, the iPhone overshadowed telecom’s old
guard, drew other new entrants into smartphones like
Samsung, and morphed a complimentary market in tablet
computers. Innovation begat further innovation, as the
ubiquity of smartphones and tablets sparked a revolution
in how people access the internet, email, media, and
social networks. Mould breaking companies, from Uber
to AirBNB, have used these devices to become overnight
threats to the established order in their industries.
We are moving into an era where
creative people are a highly prized
commodity. Cities will thrive or
sink on their ability to attract this
key demographic
WRITTEN BY
James Roberts,Chief Economist and
Editor of Global Cities,Knight Frank
One World Trade Center,
Manhattan, U.S.
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