Bengaluru has been ranked the most dynamic city in the world, as per the City Momentum Index-2017 released by Jones Lang LaSalle, a real estate services firm.
The report, which is being discussed at the World Economic Forum at Davos, Switzerland, places Bengaluru at the top spot, followed by Ho Chi Minh City in Vietnam and Silicon Valley in the United States. Hyderabad, at fifth, is the only other Indian city in the top 10.
The annual ranking attempts to tabulate the ability of cities to respond to economic and technological change in the competitive global market. Bengaluru had debuted at number 12 in 2015, before climbing to fourth in 2016.
According to a release from the organisation, the ‘dynamic cities’ share the ability to embrace technological change, absorb rapid population growth and strengthen global connectivity. The top 30 is dominated by Indian cities, followed by those in China, Vietnam and the U.S. Pune (13), Chennai (18), Delhi (23) and Mumbai (25) figure in the top 30.
“The rankings show that the centre of gravity is shifting from established cities to emerging markets. There is increasing competition for these cities to adapt to change easier and quicker,” said Ashutosh Limaye, National Director of JLL India.
The index examined 42 variables in 134 global cities or metropolitan areas. These included socio-economic factors of GDP, population, air traffic, foreign direct investment, growth of commercial real estate, innovation capacity and technological prowess, access to education, and environment quality.
The rise of Indian cities is primarily due to successful transitioning to high-value manufacturing and service-based activities, with employment, wealth generation, and commercial real estate growth driving the rankings. “As the index measures change, these cities score in infrastructure as many have added metro networks and large road projects,” said Mr. Limaye.
