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How the 'Global Cities' will shape the world economy

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A surge in high-profile property developments around the world will be a key driver of global economic growth, a new industry report has suggested.

International property consultancy Knight Frank recently released the 2015 edition of its Global Cities report, which pinpoints where the most lucrative property growth will be based over the next five years. It found that the steady recovery of the economy will substantially contribute to "double digit rental growth" in the leading Global Cities around the world.

James Roberts, head of research at Knight Frank, also pointed to another key factor that will drive growth - technology.

"A new world of technology revolution with humans providing the creative impetus is generating a renaissance in the commercial property world," he noted.

"Offices are thriving as ideal forum for idea generation while work and home are drawing closer so many of us want to live near the bright lights."

With technology being singled out as a crucial driver of the property industry, developers and investors would do well to seek out which tools and solutions are available to them. Property development software, for example, is becoming ever more accessible and powerful, helping developers make the most accurate judgements and decisions.

In terms of the Global Cities likely to lead the way, Knight Frank forecasts "a new wave of property development" to reach centres such as Brooklyn in New York and Nine Elms in London. The firm also expects skyscrapers to be the building of choice, given the need to maximise real estate space.

"Premium pricing for real estate is found in those cities with the most high value knowledge workers, which consequently attract the world's leading corporations," Mr Roberts added.

Equipped with the right software tools, developers in these Global Cities - and others - can head into the property market with confidence.

Date Published: 02 Oct 2014
Category: General News

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