Monday, 26 June, 2017

Bengaluru beats Silicon Valley, becomes the most dynamic city in the world

Julia Daniel | 20 January, 2017, 01:01

Ho Chi Minh City of Vietnam sprung another surprise by grabbing the second spot and pushing Silicon Valley to the third.

"The overriding factors that characterise the world's most dynamic cities are technology and innovation - and cities that best absorb, adapt and leverage these drivers come out on top", reads an article published on the World Economic Forum Website.

Other Indian cities are also quickly rising up the rankings, accounting for six of the top 30. To stay competitive cities must nourish their technological bases by supporting education and research facilities that encourage innovation and entrepreneurship.

Technology is also spurring growth in developed markets. By doing so, it outranked United States cities such as Silicon City (3), Austin (7) and Boston (9). These cities, which include Silicon Valley (3), Austin (7), Boston (9), Seattle (20), San Francisco (21) and Raleigh-Durham (24) in the U.S.; Melbourne (12) and Sydney (16) in Australia; and Dublin (28) and Stockholm (30) in Europe, are supported by robust infrastructure, a favorable quality of life and transparent business practices, which boost momentum and real estate market activity. "Whether new regional technology hubs such as Nairobi or established global gateways like London, these cities integrate change and technology into their DNA", adds the report.

The fellow residents of Koshy's, Ramachandra Guha, Nandan Nilekani and Kiran Shaw might not know this, but their city has one more thing to be proud of.

Jeremy Kelly, JLL Director of Global Research, says these cities were now becoming "more tightly networked and most are outperforming their national economies".

Bengaluru is in news again, and fortunately for the city, this time for good reasons as the World Economic Forum in a report named Bengaluru as the most dynamic city in the World.

Yet rapid change can also bring additional challenges.

A critical examination of the ranking of the top 30 cities show that more than half of them are from the Asia-Pacific region. However, Tokyo and Seoul, which were in the top 20 past year, are now ranked in the mid-30s while Singapore and Hong Kong failed to make it among the top 30. They are taking the lead in shaping our future landscape and are showing that real estate plays a key role in city success.


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