UK agency focuses on regeneration of cities in the United States
Savills, with whom The Agency partners internationally, has released their 12 Cities report for 2015. With the US economy on the rise, Savills chose to add Chicago, Miami, Los Angeles, and San Francisco to their annual report. New York remains on the report, carrying over from last year. Each of these cities differs wildly, and yet each attracts oversea investment due to global renown. Yolande Barnes, Director of Savills World Research, is quoted as saying that “US real estate trends often lead the way for other parts of the globe.” That in mind, the 12 Cities report explores the latest trends and urbanization issues facing the included cities, examines how some of their challenges have been solved and explores what lessons can be learned.
Savills breaks their report into seven sections. A topline compares US trends with the rest of the world, showing that America’s cities are some of the biggest markets for property owners. Live/work city rankings show the effects of US dollar appreciation on the cost to accommodate a workforce in each city. A special report on the growth of urbanization examines the challenges facing the extension, regeneration, and rebuilding of cities worldwide. The next section covers the rise of the tech industry as a driving force in the world economy and the huge value reductions in Moscow real estate.
Savills then profiles each of their selected 12 cities: London, Hong Kong, New York, Paris, San Francisco, Singapore, Tokyo, Moscow, Los Angeles, Miami, Chicago, and Shanghai. They examine four compass points—trends shaping global real estate—and what they mean for developers, investors and residents. The report is wrapped up with a summary on the rise of the US in the global real estate market.