THE 2017 REPORT
The Future Of Real Estate
In The Worldˉs 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 worldˉs 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 investorsˉ 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 yearˉs 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
GLOBAL
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GLOBAL CITIES 2017
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GLOBAL CITIES 2017
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IE
S06-09
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
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