Istanbul in one of the top four mega cities of Europe
According to research by Jones Land LaSalle (JLL) Istanbul has been given the title of one of the four mega cities of Europe along with Moscow, London, and Paris in terms of its financial and real estate volume and power.
Istanbul is one of the top 20 cities in the world, and one of the top 10 growing cities, according to the “Global300: The New Commercial Geography of Cities” report, which was released Dec. 11.Cairo, Jakarta, Jeddah, Lagos, Madrid, Milan, Mumbai, Tehran and Riyadh were the other nine cities to be named in the list for growth.
Istanbul is growing in status and position as one of the four megacities together with Moscow, Paris and London said the report . With the quick growth of economy and population of any major city in Europe . Istanbul has shown it’s worth and is reflected as a high importance as a transport hub with the vast numbers of air passengers to the city doubling during the last five years to over 80 million. The cities office stock is set for further growth by 57 percent over the next three years . Istanbul is investing in the third airport under construction, new metro lines and a third bridge over the Bosphorus.
Attracting more than 50 percent of all foreign capitals, the research named Tokyo, New York, London and Paris as super cities. Los Angeles, Seoul, Chicago, Shanghai, Beijing and Moscow were also in the top 10 list.
JLL’s Global300 is based on an Index of Commercial Attraction (ICA) which measures a city’s status , financial economic and real estate power . Established by a database of key accomplishment indicators covering 660 cities worldwide, the index includes key real estate measurements, investment capacity and commercial real estate stock as well as socioeconomic and business pointers such as economic output, population, air connectivity and corporate occupancy, according to the report.
The world’s cities which make up the Global 300 are the most dominant, productive and affiliated. Their 1.3 billion citizens account for almost 40 percent of global financial activity, more than North America and Europe joined. They anchor 88 percent of the centre of operations of the world’s 2,000 largest listed companies, generating 40 percent of the world’s business and finance employment, and more than 80 percent of the world’s air passengers pass through their airports, present in the research report.
The Global 300 also symbolize the amount of commercial real estate market activity, measuring to nearly three-quarters of global direct commercial real estate investment and over 90 percent of the world’s prime office stock.