While Sydney currently outperforms many global capital cities on factors such as transparency, real estate investment and brand, the key is continuing to develop fit-for-purpose solutions on matters such as infrastructure, connectivity and scale if Sydney intends to become a top seven ‘Established World City’.
Sydney achieved the second highest ranking across key trend areas of transparency and brand, in a recent report by JLL ‘The Universe of City Indices 2017: Decoding City Performance’, while ranking 17th globally for its high levels of direct commercial real estate investment, close behind Singapore, which is classed as an Established World City.
While the report revealed challenges for Sydney in the key areas of affordability, infrastructure connectivity and scale, JLL’s Head of Research, Andrew Ballantyne said the infrastructure challenge is already being addressed as a result of significant current and planned projects within the metropolitan area.
“NSW is having a massive push around infrastructure spending. In fact, the most recent NSW State Government Budget (2017-18) delivers record levels of infrastructure spending across NSW, with $72.7 billion committed over the next four years to 2020-21,” Mr Ballantyne said.
“Current infrastructure projects under construction include: the CBD light rail, the first stage of the Sydney Metro and the development of the WestConnex road system. Collectively, these initiatives will help minimise transport commute times, ease road congestion and encourage public transport usage in and around the CBD.
“This will in turn help to address Sydney’s infrastructure deficit and will enable it to compete with the top seven Established World Cities,” he said.
“Sydney has a well-recognised global brand supported by a strong international standing, cultural diversity and a diverse range of economic and educational opportunities. It is important that the City formulates strategies which strengthen its brand and maintain its attraction among investors, residents and visitors – a proactive approach is key.”
Sydney is currently placed ninth on the list of 10 ‘Contender’ cities, which is hot on the heels of the seven most Established World Cities: London, New York, Paris, Singapore, Tokyo, Hong Kong and Seoul. The other nine Contenders are: Los Angeles, Shanghai, Beijing, Amsterdam, Chicago, San Francisco, Toronto, Madrid, and Washington DC.
The report compiled by JLL and the Business of Cities analysed 300 city indices and revealed their performance across 10 ‘Imperatives for a successful city’. These 10 trends were: Fostering innovation pathways; Uncovering hidden talents; Investing in infrastructure; Thinking long-term; Creating a well-run city; Ensuring transparency; Being smart; Keeping it affordable; Building brand; and Going global.
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