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Top ten cities in UK for economic growth led by Edinburgh

Top ten cities in UK for economic growth led by Edinburgh

According to the 2019 Vitality Index by Lambert Smith Hampton, Edinburgh is the city with the best prospects for UK economic growth, with Cambridge and Manchester coming in second and third place, despite the UK’s uncertain economic and political environment. Compiled every year, The Vitality Index claims to provide a comprehensive assessment of the health of UK towns and cities, considering education, entrepreneurialism, affluence, productivity, growth and environmental factors.

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CRE investment highest in cities with strong tech culture

CRE investment highest in cities with strong tech culture

Corporate real estate investment highest in cities with tech cultureCities with tech innovation-oriented cultures have a strong competitive advantage amongst those investing in commercial real estate, claims a new report from JLL (registration). Of 109 cities analysed, the nine leading global markets – Boston, London, New York, Paris, San Francisco, Seattle, San Jose, Sydney and Tokyo, accounted for around 37 percent of total annual real estate investment volumes over the past decade. Like real estate investors, corporate occupiers also search for locations that have advanced innovation ecosystems, the report suggests. These cities sustain highly skilled workforces and are best placed to succeed in the future.

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Emerging megacities will outperform developed megacities by 2025

As urban world is moving towards the developing world, GlobalData, a data and analytics company, forecasts that 88 percent of the world megacities will be based in the developing economies of Asia, Europe & Central Asia, Latin America and Middle East & Africa by 2025. Out of 44 megacities in the developing world, GlobalData has identified 26 that will outperform developed cities by 2025. The company forecasts that the share of emerging cities to the world’s gross domestic product (GDP) will increase from 7.2 percent in 2018 to 8.3 percent in 2025 while the share of developed cities to the world GDP will decline from 8.1 percent to 6.8 percent during the period.

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Bristol has lowest Grade A office vacancy rate among UK largest cities

Bristol has lowest Grade A office vacancy rate among UK largest cities

Bristol has the lowest vacancy rate for Grade A offices amongst the UK’s leading Big 6 cities, reflecting strong demand combined with a shortage of high quality commercial space, according to new figures published by property consultants JLL.  Although the city and region’s reputation for talent and innovation has so far countered the shortage of space, with inward investors citing access to a highly skilled, graduate workforce as one of the main reasons for relocation, JLL is warning that more needs to be done to ensure Bristol continues to attract investment. More →

Government publishes strategy for future mobility in UK cities

Government publishes strategy for future mobility in UK cities

The UK government has published its Future of mobility: urban strategy, which sets out its approach to working with innovators, companies, local authorities and other stakeholders to develop benefits of new urban mobility technologies. Alongside publication of the strategy, it has also launched a £90 million competition for cities to deliver Future of Mobility Zones, which follows £60 million awarded to 10 cities across the UK via the Transforming Cities Fund. It aims to support local leaders and industry to trial new mobility services, modes and models through the creation of up to four future mobility zones. More →

Northern English cities held back by lack of opportunities for low skilled workers

Northern English cities held back by lack of opportunities for low skilled workers

Despite higher living costs, southern English cities such as Oxford and Exeter lead the country in their ability to provide opportunities for people with low skills.  A new report from the Centre for Cities on low-skilled workers claims that employment opportunities are greater for people with fewer or no qualifications in southern English cities than those in the North or Midlands. The report Opportunity Knocks? claims that, despite higher living costs in cities in southern England, their stronger economies create significantly more jobs for people with fewer qualifications. More →

More than two-thirds of the megacities of the world will be located in Asia by 2025

Robust economic growth and rapid urbanisation over the last few decades has resulted in the creation of a number of megacities in Asia. Against this backdrop, 33 out of the projected 49 megacities will be located in the region, according to GlobalData, a data and analytics company. The City Economics Database reveals that megacities were home to nearly 8.35 percent of the world’s population and contributed 15.50 percent to total global GDP in 2018. Of the world’s 40 megacities in 2018, 26 were located in Asia. GlobalData forecasts that the number of megacities will increase to 49 and more than two-thirds of these megacities (including 19 in China and six in India) are expected to be located in Asia by 2025.

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UK cities joining the global movement to net zero building

UK cities joining the global movement to net zero building

The UK is joining a global drive towards a ‘net zero carbon’ future, with its biggest cities setting ambitious decarbonisation targets in an effort to reduce their impact on the environment. Manchester plans to be a carbon-neutral city by 2038, while Bristol aims for full decarbonisation by 2030. In London, all new buildings will be net zero carbon by 2030, as the UK strives to meet targets set by the Paris Climate Agreement.

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Northern English cities bear brunt of government spending cuts

Northern English cities bear brunt of government spending cuts

The UK’s cities, and especially those in the North of England have borne nearly three-quarters (74 percent) of all real-terms local government funding cuts in the last decade despite being home to just 54 percent of the population, according to Centre for Cities’ annual Cities Outlook 2019 report – the Centre’s annual health check on UK city economies. This is equivalent to a reduction of £386 per city dweller since 2009/10, compared to £172 per person living elsewhere. Cities Outlook 2019  reveals a clear geographical divide in where cuts to cities have fallen, with the top five worst affected cities all located in the North of England.

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Asia increasingly challenging economic hegemony of western cities

Asia increasingly challenging economic hegemony of western cities

Oxford Economics has published its annual Global Cities research report projecting the shifting landscape of the world’s leading cities from 2019 to 2035. It examine which major cities will be the urban superpowers of the future and which are poised for the most rapid expansions of their economies, populations and business heft. Its main finding is that Asia’s cities, especially those in India such as Surat (pictured) and Agra are making huge strides, although New York, Tokyo, Los Angeles and London stay as the metropolitan superpowers. New York maintains pole position while Tokyo falls below Los Angeles and London in the ranking.  More →

Employers struggle to understand what motivates people in new generation of megacities

Employers struggle to understand what motivates people in new generation of megacities

Mercer has published the results of an extensive study that examines the needs of workers in the world’s fastest-growing cities across four key factors – human, health, money and work. The study provides insight into the motivations of workers against the backdrop of fierce competition for their talent. The study, People first: driving growth in emerging megacities (registration required), is based on a survey of 7,200 workers and 577 employers in 15 current and future megacities across seven countries, namely Brazil, China, India, Kenya, Mexico, Morocco and Nigeria. As defined by the United Nations, these 15 cities will have a combined population of 150 million people by 2030 and share strong, projected GDP.

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Skills and new businesses drive decade of recovery for UK cities

Skills and new businesses drive decade of recovery for UK cities

Improving skills levels and new business formation have been the key long-term drivers of growth for UK cities since the financial crisis, according to the latest Demos-PwC Good Growth for Cities 2018 index that ranks cities on a combination of economic performance and quality of life. The latest Index analyses a decade of economic and social data to determine what long-term factors drive Good Growth. PwC analysis shows that the average city in our index has improved its good growth score significantly over 10 years from 2005-7 to 2015-17, and has now more than recovered from the recession and downturn triggered by the global financial crisis.

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