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Tianjin continued to outperform the majority of the world's cities and many cities in China, as it yet again ranked in the Top 20 in JLL's City Momentum Index (CMI). The index tracks the speed of change of a city's economic base and its commercial real estate market, combining measures of short-term economic and real estate momentum with longer-term success factors, and covers 120 major global cities.
The CMI is unique in that it captures the dynamics of a city's real estate market – its rates of construction and absorption, price movement and the attraction of a city's built environment for cross-border capital.
In producing this Index, JLL's intention is to alert the market to signals of change and to highlight the characteristics of city success. It does not necessarily hold that those cities at the top of the CMI will provide the strongest future performance of commercial real estate, or the most immediately attractive real estate investment environments, but rather that they are the cities where change is occurring fastest and are the ones to be closely monitored.
Tianjin along with six other Chinese cities, Beijing, Shenzhen, Shanghai, Wuhan, Chongqing and Nanjing, placed in the Top 20. Tianjin was able to beat out many other world cities because of the rapid pace of Tianjin's economic expansion and the improving quality of its real estate market. Tianjin's top scores in the CMI (rank out of 120 cities) included:
Durrell Mack, Head of Research at JLL Tianjin, commented, "Tianjin has been one of the fastest growing economies in China and in the world for several years now. Opportunities abound in the city, which is why Tianjin has led the country in terms of foreign director investment. It is only a matter of time before the city surpasses Guangzhou and Shenzhen in terms of economic output."
Many multinational corporations have recognized the business opportunities and the potential of the city with Volkswagen and Airbus opening new plants and assembly lines, and Standard Chartered Bank becoming the first foreign bank to transact a cross-border Renminbi loan in China at the Sino-Singapore Tianjin Eco-city. In addition, Tianjin has just been approved to establish a new free trade zone near its seaport, which is the world's fourth largest port by throughput. The city's planned free trade zone has already begun to attract foreign investors, and the new CBD proposed in the area will be world-class in terms of planning and design, already attracting large foreign and domestic developers.
Michael Hart, Managing Director at JLL Tianjin, said "Tianjin has received some criticism for building too much, but what this index recognizes is that Tianjin is laying the ground work for an even stronger future. As the economy shifts towards the service sector, new office buildings, hotels and retail centers will be the basis for additional economic activity and are turning Tianjin into a first class city. The city's recent expansion of the airport, improvement in subway lines and the addition of new and exciting restaurants are making Tianjin a great place to live, take a holiday or open a business."
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