By MST Business | Jan. 08, 2015 at 10:35pm [ manilastandardtoday.com ]
Metro Manila has replaced Madrid to join the list of the world’s top 30 cities, with largest business centers and real estate markets.
Real estate services firm JLL included Manila in its prestigious JLL Global Top 30, which lists the bedrock of global commercial real estate activities.
“The cities comprising the Global Top 30 have remained broadly consistent since 2012. Manila is a new entrant to the Top 30, while Madrid has fallen out, which is symptomatic of the steady shift in the balance of real estate activity towards the Asia Pacific region,” JLL said in its 11-page report. JLL said Manila joined the list as a new entrant on the back of the city’s strong growth as a business process outsourcing destination.
JLL identified four super cities, including Tokyo, New York, London and Paris. It listed 13 mature cities, including Los Angeles, Chicago, Washington DC, Hong Kong, Atlanta, Dallas, Singapore, San Francisco, Houston, Toronto, Boston and Sydney.
Manila is grouped under emerging cities that also include Seoul, Shanghai, Beijing, Moscow, Sao Paulo, Jakarta, Istanbul, Guangzhou, Bangkok, Mexico City, Delhi and Mumbai.
“Despite the increasing choice of cities, commercial real estate activity continues to be highly concentrated into the Global Top 30 cities, which are the destination of over half of total commercial real estate investment into the Global 300,” JLL said.