What makes a successful city? Our latest JLL Research Report “Decoding City Performance” identifies 10 imperative factors including among others: fostering innovative pathways, uncovering hidden talents, investing in infrastructure, thinking long term, and being smart.
So, what does that say about Boston? While we aren’t ranked among the “Big Seven” or “Contenders” named in the report, which include the likes of London, New York, Paris, Los Angeles, Chicago, and Madrid, we do fair quite well when diving deeper into several of the aforementioned factors.
It should come as no huge surprise that Boston ranks 5th in the world when evaluating high performing cities for knowledge and innovation. Also in the top 5: San Francisco, Tokyo, New York and Seoul. According to the report, “As the digital economy dominates, those cities which have robust tech and innovation-centered economies will stand the best chance of succeeding.” It’s safe to say Boston should be in good shape then looking ahead to the future.
In addition to innovation, talent is a key part of a city’s long-term appeal. Strong talent attraction and development provides a solid basis for future progress, and is an increasingly vital part of the decision-making process for business around the world. Coming in behind only London, Boston ranks 2nd in the world in high performing cities for talent. With some of the world’s best Universities including Harvard and MIT right in our backyard, we continue to boast some of the best and brightest across a variety of professions and industries.
As such, Boston is among one of the most expensive, yet attractive cities in the world. According to JLL’s Premium Office Rent Tracker, Boston ranks 9th in total occupancy costs. At the same time though, the city ranks 7th worldwide in real estate investment.
For more information on how Boston compares to other cities around the world, download The Universe of City Indices 2017: Decoding City Performance.