London has been ranked third in Schroders’ Global Cities Index in 2022, slipping from the top spot the city had secured a year before.
The move comes as Schroders restructures its ranking criteria to include a venture capital score. The innovation measurement, which previously assessed the strength of universities in a city, now also monitors the amount of venture funding directed to businesses in those locations.
As such, San Francisco – a heartland of technology innovation– has been named as the most attractive city for real estate investment, while its east coast counterpart Boston – a biomedical innovation centre – was ranked the second.
In addition to London’s top three ranking, the next best-placed UK city was Manchester, ranked at 28th.
Schroders Global Cities portfolio manager Hugo Machin said: “Today’s index shows that, despite the impact of the pandemic and remote working, cities remain the economic drivers of the world economy. Their ability to provide collaborative spaces for work and deliver fantastic restaurants, theatre and retail experiences cannot be replicated online.
“In this context, cities will need to be armed with excellent transport links, affordable housing, green space and strong educational institutions to remain relevant.
“Furthermore, government policy will need to support the development of buildings that have excellent sustainability credentials.”
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