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Hyderabad has dethroned Bengaluru to claim the top spot in the JLL City Momentum Index (CMI) 2020, a global ranking of cities.
Hyderabad edged out its southern neighbour Bengaluru, thanks to its socio-economic momentum and a more active real estate market. It recorded the highest office net absorption in 2019 (as a proportion of the existing stock) globally, while it is also among the world’s best-performing cities for prime office rental growth, said a JLL release.
A thriving technology sector is driving this momentum, with Hyderabad’s reputation receiving a further boost last year with the opening of a large campus by Amazon, it added. It has joined fellow tech giants including Apple, Google and Facebook, who have all established a presence in the city in recent years.
Top Indian cities
Several other Indian cities featured in the JLL global index despite a slowing national economy. Hyderabad emerged as the world’s most dynamic city, while last year’s winner, Bengaluru, came second. Chennai came fifth, Delhi sixth, Pune 12th, Kolkata 16th and Mumbai 20th.
While all the seven cities feature in this year’s Global Top 20, the southern ones – Hyderabad, Bengaluru and Chennai – are ahead of their northern peers, supported by favourable demographics and business climates.
Their expanding tech industries and start-up cultures make them a magnet for young and ambitious talent from across the country, with Bengaluru having one of
the world’s largest concentrations of the ‘engine room’ population (20-40-year-olds), typically the most dynamic and productive age cohort, said the release.
Top 20 cities
The cities that featured in the JLL CMI 2020 rankings are: Hyderabad-1, Bengaluru-2, Ho Chi Minh City-3, Nairobi-4, Chennai-5, Delhi-6, Hanoi-7, Manila-8, Silicon Valley-9, Shenzhen-10, Chongqoing-11, Pune-12, Wuhan-13, Dubai-14, Hangzhou-15, Kolkata-16, Shanghai-17, Riyadh-18, Austin-19 and Mumbai-20.
Chinese cities embraced the innovation economy despite an overall slowdown, noted the JLL release.Five of them – Shenzhen (10th), Chongqing (11th), Wuhan (13th), Hangzhou (15th) and Shanghai (17th) – featured in this year’s Top 20, with another five making the Top 30, including Xi’an (21st) and Guangzhou (23rd). While the momentum in West Asia and Africa was noticeable, innovation and demographics drove the momentum in US cities.
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