The Most Dynamic Cities of 2014
NEW YORK ( MainStreet) If you live in San Francisco, you can now say you're an inhabitant of the most dynamic city in the world. At least according to the real estate firm Jones Lang LaSalle, which compiled a list predicting the 20 most dynamic cities with the most momentum worldwide for 2014.
Using three main categories - commercial real estate (30%), socio-economic momentum (40%) and high-value incubators (30%) with high-value incubators representing "the quality of a city's education infrastructure, its innovation capability and the strength of its technology sector," according to the study the firm ranked 111 global cities looking for those with hallmarks of a lively and progressive area. Cities with the ability to adapt and innovate quickly, a knack for fostering new and creative businesses, new building construction and upward trending real estate, made the top 20.
And seven of the 20 cities were from the United States. California harbored two San Francisco and San Jose thanks to their high-tech Silicon Valley contributions.
Want to see what else made the list? The rundown below takes a closer look at the top 10 plus the other three American cities that made it to the top 20.
1. San Francisco
San Francisco was the "undoubted winner" of Lang LaSalle's list, with "a unique and unrivaled reputation for innovation, venture capital and startups," according to the report. Additionally, the firm believes San Francisco will have "the strongest rate of office rental growth in North America during 2014."
Last year, the Bureau of Economic Analysis found San Francisco metro area had the fastest real gross domestic product growth in the nation in 2012 at 7.4%.
- Population: 8.26 million
- Major sectors: High technology, tourism, finance
- Metro GDP (San Francisco-Oakland-Hayward): $360 billion
London is still on the upswing since the 2012 Olympics and "above any other global city in terms of cross-border real estate investment (at $64 billion over the past three years)," according to the study. A huge retail market generates 40 percent of all money spent in the city and London produces about 10% of Great Britain's total national income.
- Population: 8.3 million
- Major sectors: Finance, media, technology, tourism, communications, retail
- GDP: $761 billion
Dubai's real estate is predicted to boom for snagging the 2020 World Expo, expecting to net about £4 billion worth ($6.69 billion) of infrastructure investments according to the Financial Times . It's also a "service hub" for the Middle East, North Africa, South and Central Asia and a "preferred staging point for an increasingly dynamic Sub-Saharan Africa," according to Jones Lang LaSalle.
- Population: 2.2 million
- Major sectors: Tourism, real estate, transportation, finance
- GDP: $82 billion (as of 2008)
The most populous city in China made the list in fourth place because of its high socio-economic swing, but lacked in real estate and high-value incubators. Its economy certainly has momentum: its GDP increased by 7.5% throughout 2012, up to 2 trillion Yuan.