MIPIM 2016: A strong focus on neighbourhoods is key to cities attracting investment in the future, according to research revealed at Mipim today.
Yolande Barnes, Savills’ director of world research, said that the success of cities is now as “fine grain” as the strength of individual neighbourhoods, as she presented the findings of the firm’s latest 12 Cities report at EG’s Why Global Cities Rule the World debate.
She added: “It is about neighbourhoods. It is Shoreditch, not London, for example, really driving the city’s economy in this digital age.
“The other thing we are seeing in the US is very small cities performing well. Not just the likes of Portland, Denver and Nashville. But even smaller places. New York could find itself competing with places like Ithaca for example. It’s a type of urban dispersal. The future is still urban, but about smaller places.”
Martin Brühl, head of international investment management at Union Investment Real Estate, added that a focus on the world’s second cities should not be ignored.
David Lewis, head of London office at architecture practice NBBJ, said: “I know that panellists should try not to agree with each other all the time but we all do in this case. And I think it is because these trends are just so strong.”
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