Five cities in Asia Pacific made it to the top 10 performing cities in the world for innovation and talent, according to JLL analysis. Beijing (2nd), Tokyo (4th), Seoul (6th), Singapore (7th), and Shanghai (9th) made it to the list out of 108 cities globally.
“Innovation has reshaped the built environment and demand for commercial real estate as its importance to economic growth intensifies. Companies in Asia Pacific will need to balance talent, operating environment, risk, and cost requirements in their location strategy. For owners seeking to attract high-growth occupiers, location strategy will also be key,” said Roddy Allan, chief research officer, Asia Pacific, JLL.
Top performing cities
Tokyo, Seoul, Shanghai, Beijing, Singapore, and Shenzhen performed well in innovation output. Beijing, Tokyo, and Singapore excel in talent concentration.
Sustained infrastructure investment, education, and health care drive the innovation landscape in Singapore.
Increased capital into emerging technologies such as generative AI drives maturation and development. In the APAC region, Beijing has received the most funding for artificial intelligence over the past three years at US$ 23 billion, followed by Shanghai (US$12.4 billion), Shenzhen (US$ 7.7 billion), and Singapore (US$ 6.0 billion).
Finding the right balance
“As opportunities for innovation continue to grow globally, corporations and investors must navigate a landscape where mature and emerging hubs complement each other,” said Phil Ryan, research director at JLL.
Ryan highlights the importance of finding the right balance of assets across established markets, and emerging secondary and tertiary markets to sustain growth and promote resilience.
