Last week, global commercial real estate firm, Jones Lang LaSalle (JLL), released its third annual City Momentum Index (CMI) report, placing Auckland among the top 20 cities with the greatest momentum in innovation and business. The 2016 report marks the first time that Auckland is placed in the top 20 cities in JLL’s global index.
The CMI identifies the “short term socio-economic and commercial real estate momentum in combination with measures of future proofing” to better capture the dynamics of a city's economy in comparison to the other 120 global business hubs.
In JLL’s third edition of its annual CMI report, Auckland for the first time ranks on the top 20 cities around the globe. In JLL’s 2016 report, Auckland is identified as boasting one of the most robust city economies: “Despite the impact of slowing commodity prices which have affected many cities in the region, robust education and research systems and dynamic technology sectors are allowing these cities (Auckland, Melbourne and Sydney) to outperform”.
While Auckland’s high ranking comes primarily as a result of the ongoing redevelopment of the Wynyard Quarter and City Rail Link, the report also noted Auckland's maintenance and promotion of a “healthy innovation ecosystem [that’s] driving significant demand for new commercial real estate," estimating that Auckland is likely to experience the most growth in office rentals of any city in the CMI in 2016.
The CMI report highlights the real estate growth as being an important indicator of the level of attraction that Auckland holds to the globe’s leading talent and corporations in innovation technology. By providing the infrastructure and environment that facilitates innovation, Auckland is noted as having built the foundations of an innovation-oriented economy.
Auckland Tourism, Events and Economic Development (ATEED) CEO Brett O’Riley shared similar sentiments, saying “cities that are focused on innovation are a feature of the CMI Top 20, and Auckland can certainly be included amongst this group”.
In response to the CMI report, Mayor Len Brown stated that “Auckland’s inclusion in the CMI top 20 for the first time is further global recognition of how, since the united city began, Auckland is on a roll”.