And in the end, it's the City that's winning; over and above Brexit and all the waltz and hesitation surrounding the UK's exit from the EU. The "Attractiveness of Global Business Districts 2020" report, published by EY and the Urban Land Institute (ULI), once again recognises London's business district as the first in the world. The publication of this ranking on 19 May - the second of its kind after that published in 2017 - no doubt went unnoticed, as the world's largest business districts were being deserted by their millions of homebound employees.
La British capital This means that the city is still very attractive to major companies, consultancies and law firms, and consequently also to business travellers. Canary Wharf, its other major business district, is still in fifth place. In between, three other strategic locations for the global economy: Midtown in New York (2nd), Marunouchi at Tokyo (3rd) and the Paris business district of La Défense (4e). An unchanged prize listThe indexes for the top five business districts have been rising steadily in recent years, although a closer look reveals that the competition is intensifying, with the scores for the top five districts becoming increasingly similar. While the indices for the City (-2.5) and Midtown (-1.2) are down on 2017, those for Marunouchi (+2.7), Paris La Défense (+1.5) and Canary Wharf (+1.9) are up.
Another finding, which is hardly a surprise, is that the report also reflects the dynamism of major Asian cities. Beijing (+4.7), with 4.3 million additional square metres of office space and the headquarters of eight Fortune Global 500 companies, has risen from ninth to seventh place in the world, just behind New York's Financial District. The CBD of the Chinese capital is now ahead of the district of Gangnam in Seoul, the downtown de Singapore (-0.1) and the Loop in Chicago (-0.8). Hong Kong, Shanghai and Mumbai are also clearly on the rise, while on the other hand, the attractiveness of two major emerging centres is declining, Sao Paulo and Johannesburg.
Challenges for major business districts
The fact remains that this ranking provides a pre-Covid19 snapshot, but what will it be like in three or four years' time? With the increased use of teleworking, new patterns of work organisation will undoubtedly emerge within companies, with the effects of the economic crisis adding to the pressure on office real estate. Susan Hayter, Senior Technical Adviser on the Future of Work at the International Labour Organization, was interviewed by UN News, the United Nations' news website, and stressed that "[w]orking from home is a key factor in the future of work. Remote virtual meetings are now commonplace. As the restrictions are lifted, everyone is wondering whether this is a good idea. "business as unusual will become the 'new normal'. "For this specialist in the world of work, the fact that employees no longer have to travel to work is to be welcomed, both for their personal well-being and that of the planet. However, she believes that " The idea of putting an end to the "Office" with a capital B is certainly exaggerated. "
" In the new normal that is emerging as the pandemic recedes, can Global Business Districts convince all their stakeholders - businesses, employees, visitors, shoppers, residents, investors and developers - that business districts are still unique places to operate? "Marc Lhermitte, a partner at Ernst & Young, commenting on the presentation of the study conducted by EY and ULI, asks the following questions the future of major business districts.
Concentration of talent, commercial efficiency, optimum connectivity, global influence: there is no doubt that the major business hubs will continue to have a major influence on the world economy. major assets. " We are convinced that the core attractiveness of a GBD will remain the same. International companies will need to resume meetings, carry out strategic projects, welcome customers and business partners, and so on. "said Marie-Célie Guillaume, Managing Director of Paris La Défense. However, " the Covid-19 crisis clearly showed that human beings need social interaction "she stresses.
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Quality of life, relaxation outside office hours, attractive workspaces: business districts have already embarked on a process of transformation. development in line with new expectations employees. For example, through increased use of soft mobility, particularly cycling, or the emergence of living spaces such as Table Square, a new gastronomic meeting place recently opened on the forecourt of La Défense. " After Covid-19, we expect these human elements to become even more important than they already are. Business districts will have to adapt to a 'new normal', and those that do so best should rise in the rankings in the future. "said Lisette van Doorn, CEO Europe of the Urban Land Institute, co-author of the report "Attractiveness of Global Business Districts 2020".
Against a backdrop of health and climate risks, the pace of change in global business districts is set to accelerate. The study points to new priorities such as that given to the environment - an obligation to attract talent and tenants - and the implementation of collective resilience strategies. " In the long term, GBDs must become inclusive urban destinations that go beyond concentrations of office space. "concludes the report.
