London topped the list for the second year in a row for its economic growth and real estate structure as well as initiatives that are transforming transport, such as the research centre currently being developed at White City. Photo/CFM.
The City Momentum Index (CMI) placed Nairobi on the 11th position, the only in Africa to make it to the list due to its lifestyle and location which, it said, is unmatched anywhere in East Africa.
It was conducted by Jones Lang LaSalle (JLL), a professional services and investment management company.
London topped the list for the second year in a row for its economic growth and real estate structure as well as initiatives that are transforming transport, such as the research centre currently being developed at White City.
“Alongside great cities like London, Nairobi City has made it to the top 20 most successful cities for its innovation, liveability and capacity to reinvent itself. The top scoring cities offer an environment that “nurtures talent and an innovation-orientated economy,” the study states.
Other cities that made it to the top twenty include Dublin, Silicon Valley, Bangalore and Boston.
Dublin scored high on the ranking thanks to its high concentration of tech start-ups, which generate demand for commercial property. It has cemented its position as one of Europe’s most dynamic cities with projects such as the regeneration of the Docklands, where up to 350,000 sq metres of commercial space is set to be built.
The 120 cities shortlisted by the CMI were chosen for their population, GDP, corporate presence, air connectivity, real estate investment activity and commercial real estate stock
London and Dublin are the only European cities in the CMI top 20.
The unrivalled technology sector in the Bay Area of San Francisco pushed Silicon Valley to second place and San Francisco to tenth place in the index.
JLL said the two regions had the characteristic to sustain future growth.
The study tracks the speed of change in a city’s economic base and their commercial real estate market and aims to provide information to help developers choose which cities will see growth and success in the future.
Nairobi Governor Evans Kidero is excited about the study, saying it reveals that its importance stretches far beyond its role as an administrative or political centre.
“I am proud of Nairobi’s continuing position as one of the continent’s major urban hubs. The city is now in its 53rd year as the capital of an Independent Kenya. Yet its importance stretches far beyond its role as an administrative or political centre,” Kidero noted.
“The top scoring cities offer an environment that “nurtures talent and an innovation-orientated economy”, according to the City Momentum Index (CMI) of innovative cities by Jones Lang LaSalle, a professional services and investment management company,” the study reads in part.
In 2015, Nairobi was ranked the most successful city in Africa by The Intelligent Community Forum (IFC).
The index come a time when Kenya is struggling with tourism sector and this comes in handy as it puts the city and the country at a global scene.
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