jll-business-of-cities-report

JLLThe Business of Cities 2015 15ConclusionThe growth of city indices matches the accelerating pace of global urbanisation. City indices are spreading theirscope to cover a wider aperture of urban issues and themes. Urbanisation and re-urbanisation are creating anew landscape of opportunity for people, business, capital and innovation; the benchmarking of cities reflects anintense appetite to interpret how this landscape is evolving.The discipline of rating, ranking and indexing city performance has made substantial progress since the globalfinancial crisis. Many stand-alone indices illuminate the dynamic character of economic change and policy reformin cities, and highlight the success, achievement and failure of cities and their leaderships. They also show howsmaller and emerging world cities are participating in globalisation and capturing its benefits in distinctive ways.Later in 2015, the Business of Cities and JLL will publish findings about the latest developments in these areas.Competition remains a driving force. The indices contained in this review suggest that competition for investors,visitors, students and events will continue to drive growth in quality of life and perception indices. Big data hasalso begun to transform what we know, and what we think we know about cities. The trend for data resources tobe applied to liveability aspirations in order to design innovative urban comparisons is already clear.Urban science is still emerging. Many of the most urgent urban imperatives – sustainability, infrastructureresilience, investment capacity and bankability – still lack a compelling or agreed framework for assessment,although several studies released in the last 12 months are leading the way. As organisations such as theOECD and World Bank renew their focus on harmonisation of city data and spatial definitions, breakthroughs inmeasuring these areas of urban performance can be realistically expected in the next two to three years.In aggregate, benchmarks and indices can offer real insight into the pathways and strategic opportunities forcities, and for those living and working in them. The performances of Barcelona, Istanbul, Santiago and Seoulillustrate how cities can, and do, alter their positions in indices over time. Changes have been achieved by liftingstandards, altering perceptions, supplying new information, engaging in partnerships, adding new rankings, andthrough many other mechanisms.Indices focus on comparative assessment, one against another or within groups but they don’t tell the whole storyabout individual cities. The shifting sands of competition mean that many cities are not able to easily change theircompetitive position. Even when they do make real progress on their own terms, they may still lose ground incomparative rankings. Cities can get better, despite appearing to decline in comparison to other cities with greaterdynamism. Examples such as Johannesburg, Miami and Rio de Janeiro indicate that index results cannotalways offer a complete perspective on cities’ development priorities and strengths. For every city, indices mustbe used carefully and judiciously. Indices do not replace longitudinal measures of progress against a city’s ownperformance, and it is always wiser to review multiple indices with different results than to be focused on just oneor two. When viewed in this way, they can be an invaluable resource to help navigate the current and future cyclesof global urbanisation.