Theglobal

businessdistrictsattractiveness

report2025

Powerhousesinquestion

November,2025

Content

Globalsurvey:whatis

expectedofGBDsin2025?

4

Ranking:evaluating

30globalpowerhouses

6

Fourmegatrends:redefiningtheurbancore

9

Aboutthereport14

ThethirdeditionoftheGlobalBusinessDistrictsAttractivenessReport,byEYandtheUrbanLandInstitutefortheGBDInnovationClub,launchesonNovember14,2025.Thiseditionevaluatesthe

top30businessdistrictsworldwideusingexpert

insights,aglobalsurveyof200ULImembers,anddataanalysisacrosseightcategoriesreflectingkeytrendsandsuccessfactors.

Foreword

GlobalBusinessDistricts(GBDs)serveasthe

dynamiccentersofmajorcitiesworldwide,

integratingoffice,commercial,residential,

andrecreationalspacestomeettheneeds

ofvariousstakeholders,includingcorporate

tenants,developers,visitors,andresidents.Inrecentyears,GBDshaveundergonenotable

transformationsinfluencedbytechnological

advancements,changingeconomicconditions,globaldisruptions,andtheincreasing

prevalenceofremotework.Thesefactorshaveraisedexpectationsamongoccupiers,investors,andmanagementteams.

IncontrasttotraditionalCentralBusiness

Districts(CBDs),whichprimarilyfocus

onadvancedservicesandcorporate

headquarters,GBDsarecharacterizedbytheirglobalreach,connectivity,andthepresenceofmultinationalcorporations.Theyfeaturelargeofficespaces,denseurbandevelopment,andiconicarchitecture.

Functioningasglobalcentersforcapital,

talent,anddecision-making,GBDsare

recognizedasasignificantassetclassinrealestate,attractingcross-borderinvestments.

Thisreportexploreswhatdifferentiates

GBDsandhowtheyareadaptingtoemergingchallengesandopportunitiesinarapidly

evolvingenvironment.

AsGBDscontinuetodevelop,theypromote

innovation,sustainability,andurbanresilience.Policymakersandbusinessleadersare

emphasizingsmartinfrastructure,inclusivecommunities,andimprovedqualityoflifetomaintaintheglobalcompetitivenessofGBDs.

Thecombinationofdigitaltransformation

andsustainableurbanplanningisshaping

GBDsintonotonlyeconomicpowerhousesbutalsoflexiblecommunitiesthataddressfuturesocietalneeds.

The2025GBDAttractivenessReport,

createdbyEYandULIfortheGBDInnovationClub,providesadetailedassessmentofthe

world’s30leadingGBDs.Applyingarigorous

methodology—includingexpertinsights,a

globalsurvey,andextensivedataanalysis—thereportevaluateshundredsoffactorsimportanttostakeholders.GBDsareassessedacross

eightkeycategoriesthatreflectthecriticaldriversoftheircurrentandfuturesuccess.

Thisreportowesmuchtotheinvaluable

supportoftheULI-ledAdvisoryCommittee,andweexpressoursinceregratitudeto

allcontributorsfortheirparticipationandassistance.

CHENDAI

Chairwoman,GlobalBusinessDistrictsInnovationClub,andDirector,BeijingCBD

MARCLHERMITTE

Partner,EY

LISETTEVANDOORN

CEO,UrbanLandInstituteEurope

TheEY-ULIglobalbusinessdistrictsattractivenessreportfortheGBDInnovationClub|3

Globalsurvey:whatisexpectedofglobalbusinessdistrictsin2025?

Globalsurvey:whatis

expectedofglobalbusinessdistrictsin2025?

63%

ofstakeholdersviewGBDs

asmoreattractivethantheywerehalfadecadeago.

eemsinolpl

EQ\*jc3\*hps50\o\al(\s\up23(o),0G)

EQ\*jc3\*hps50\o\al(\s\up23(n),BDs)

ULIglobalbusinessdistrictsattractivenessreportfortheGBDInnovationClub

4|TheEY-

TheenduringpowerofGBDs

Fiveyearsafterthepandemiccastdoubtonthefutureofoffice-centeredeconomies,GBDsareontherebound.

Accordingtothe2025report,63%ofstakeholdersnowconsiderGBDsmoreattractivethanin2020,confirmingtheirenduringmagnetismasthecommandcentersoftheglobaleconomy.

GBDs—suchasMidtownManhattan,London’sCity,TokyoMarunouchi,

Paris-LaDéfense,andSingapore’sDowntownCore—hostaunique

concentrationofmultinationalpower,talentandmixed-useinfrastructure.

Collectively,theworld’s30largestGlobalBusinessDistrictsemployover7millionprofessionals.ThesebusinessdistrictsshapetheskylinesofmajorcitiesandanchorbusinessactivityacrossurbanareasthatgenerateUSD4.5trillioninannualGDPandthatarehometoacombined350million

people.Theyareheadquartersto84GlobalFortune500companies,withatotalof296HQsspreadacrosstheirmetroareas.

Globalsurvey:whatisexpectedofglobalbusinessdistrictsin2025?

Challengesandopportunities

GBDsnolongercontendwiththeimmediateeffectsofthepandemic,but

theystillfacemajorobstacles.Theymustadapttoneweconomicrealitiesandrisingcosts,withonly9%ofrespondentsstronglybelievingbusinessespayfairlyforvaluereceived.Economicuncertaintyandtradetensions

areincreasingexpenses,makingrealestate—asignificantcost—akey

consideration.DemandforofficespaceislowexceptforgradeAsustainablebuildings,whilesecondaryofficespacescontinuetoseeweakinterest.

Fewerthan10%ofGBDstakeholdersfeeltheyareeffectivelyaddressingboththetransitiontoanetzeroeconomyandclimatechangerisks.Innovation

remainsinconsistent,asonly12%oftheircities’unicorncompaniesarebasedinGBDsandjust19%ofparticipantsbelieveGBDsfosteranidealenvironmentforbusinessinnovation.

However,thesurveyresultsindicatethatGBDsareprizedforthebusinessopportunitiesandrobustecosystemstheyprovide.44%ofstakeholders

“stronglyagree”thatGBDsaretheprimelocationsforbusinessestostayconnectedtoclients,partners,andmarkets,and39%“stronglyagree”

thattheyprovideastrategicadvantageforcompaniesseekingtoattractandretaintop-tiertalent.

9%

ofstakeholders“stronglyagree”thatbusinessesinGBDspayafairpriceforthevaluereceived.

84

Fortune500Global

HQsareinthe30GBDs

benchmarked,withatotalof296HQsspreadacrosstheirmetroareas.

TheEY-ULIglobalbusinessdistrictsattractivenessreportfortheGBDInnovationClub|5

Financialdistrictofthecity,Beijing,China

Ranking:evaluating30globalpowerhouses

Ranking:evaluating30globalpowerhouses

Despiteheadwinds,historic

globalbusinesshubsstillleadtherankings

Establishedecosystemscharacterizedbyleadingcorporationsinindustry,energy,advertising,

technology,financialservicesandpublic

institutionscontinuetoleadtheEY-ULIoverall

GBDrankings.Yet,forthefirsttime,NewYork’sGBDs—MidtownandtheFinancialDistrict—takethetoptwoglobalspots,followedby

TokyoMarunouchi,ParisLaDéfense,andLondon’sCity.

Midtown’sdominancerestsonits24millionsqmofofficespace,unmatchedtalentdepth,sqm

industrydiversity.Marunouchihosts16Fortune500HQs,whileLaDéfenseretainsEuropean

prominencethankstoinvestmentsinaccessibilityandamenities.TheCityofLondonremainsa

financialtitandespiteBrexit-relatedheadwinds.

AsiaascendantaseconomicgravityshiftsEast

Fouroftheworld’stoptenglobalbusiness

districtsarenowsituatedinAsia,reflectingtheregion’srapidgrowthandincreasinginfluence.

Beijing’sCBDisranked6th,benefitingfrom

askilledworkforceandstrongresidential

integration;Singapore’sDowntownCoreleads

incompetitiveness;Shanghai’sPudong-Lujiazui,HongKong’sCentralDistrict,Seoul’sGangnam,andGuangzhou’sTianhehavebecomekey

centersforglobaldecision-making,commerce,

andinnovation.Meanwhile,Sydney’sCBD

remainsanimportanthubwithintheAsia-Pacificregion.

TheprominenceofAsia’sbusinessdistrictsin

therankingsmirrorsthecontinent’s,mirroring

thecontinent’sacceleratinggrowth(China’sGDPexpanded5%in2024,versus2.8%intheU.S.

and0.7%inEurope).

fortheGBDInnovationClub

6|TheEY-ULIglobalbusinessdistrictsattractivenessreport

IstanbulFinancialCenter(IFC)inAtasehir,Istanbul,Turkey

TheEY-ULIglobalbusinessdistrictsattractivenessreportfortheGBDInnovationClub|7

Ranking:evaluating30globalpowerhouses

Overallrankingof30globalbusinessdistricts

Midtown(NewYork)

1

FinancialDistrict(NewYork)

2

1.82

Marunouchi(Tokyo)

3

1.82

LaDéfense(Paris)

4

1.81

TheCity(London)

5

1.79

BeijingCBD(Beijing)

6

1.71

DowntownCore(Singapore)

7

1.71

Gangnam(Seoul)

8

1.68

CanaryWharf(London)

9

1.63

Bankenviertel(Frankfurt)

10

1.57

FinancialDistrict(SanFrancisco)

11

1.55

Zuidas(Amsterdam)

12

1.55

CentralDistrict(HongKong)

13

1.53

Pudong-Lujiazui(Shanghai)

14

1.53

CBD(Sydney)

15

1.46

TheLoop(Chicago)

16

1.43

AZCA(Madrid)

17

1.42

FinancialDistrict(Boston)

18

1.41

Downtown(LosAngeles)

19

1.35

FinancialDistrict(Toronto)

20

1.27

DIFC(Dubai)

21

1.25

TianheCBD(Guangzhou)

22

1.21

PaulistaAvenue(SaoPaulo)

23

1.13

Downtown(Houston)

24

1.08

KAFD(Riyadh)

25

1.82

Levent(Istanbul)

26

1.01

BandraKurlaComplex(Mumbai)

27

1.00

OuterRingRoad(Bangalore)

28

0.84

SantaFe(Mexico)

29

0.83

Sandton(Johannesburg)

30

0.68

2.10

Categories

Talent

MarketproximityInfluence

MacroconditionsRealestate

UrbanamenitiesEnvironment

Innovation

ULIandEYappliedcriteriato

severalhundredcitiesandtheir

businessdistrictstoidentify

“GlobalBusinessDistricts”,based

onfactorsincludingapopulation

greaterthan2million,thepresenceofskyscrapersinhigh-density

urbanareas,officerealestatestockexceeding500,000sqm,anda

significantnumberofinternationalheadquarters,financialservicesandinstitutions.

The2025rankingevaluates30GBDsacross19countriesusing

2,400datapointsin8categories

(MacroeconomicConditions,Marketproximity,Talent,Influence,Real

Estate,UrbanAmenities,InnovationandSustainability).

Categoryweightsweredeterminedbytheproportionofexecutives

whoratedeachfactoras“very

important”inthesurveydata.Eachoftheindicatorswasassigneda

weightbasedonitssignificance

withinitscategory,usingthesameapproachasthe2020report

andotherinternationalsurveys.

Moreover,oneachindicator,a

distance-to-frontierapproachwasapplied,meaningthateachscore

wasmeasuredrelativelytothe

best-performingGBD.Thisresultedinbothacomprehensiveoverall

scoreandseparatescoresforeachcategory.

Ranking:evaluating30globalpowerhouses

NorthAmerica:thetwoNewYorksshine,othersstruggle

WhileMidtownandtheFinancialDistrictdominate

globally,otherGBDsfacepersistentvacancyandsafetyissues.TheaveragevacancyrateamongbenchmarkedNorthAmericanGBDsisnowclosetothreetimeshigherthanthatoftheirAsianpeers—asignificantshiftfrom2020,whenvacancylevelswerebroadlycomparable,

illustratingpost-pandemicofficedecline.

YetBoston,TorontoandSanFranciscohavereinvested

insustainabilityandfocusedontechinnovation.Chicago’sLoopretainsadvantagesinconnectivityandscale,with10millionsqmofofficestockservedbyallCTAlines.

InEurope,theraceforthe

continentalcrownhasbeenintense

InEurope,therankingandtrajectoryofGlobal

BusinessDistrictsmirrorthecontinent’sbroaderloss

ofcompetitiveness,amidsluggishgrowth,politicaland

economicuncertainty.ThesixleadingEuropeanGBDshost2.5timesfewerFortuneGlobal500headquartersthan

theirAsianpeers.Dataalsoshowamarkedshiftincapitalflows:in2024,realestateinvestmentvolumesinthetopEuropeanGBDsandtheirhostcitieswere60%lowerthaninAsia—areversalfrom2020.

Inthiscontext,Paris-LaDéfenseclaimsthetopspot,

narrowlyaheadofTheCity.OthercontenderspoststrongscoresinspecificcategoriessuchasLondon’sCanary

WharfandFrankfurt’sBankenviertelinsustainability,

MadridfortheaccessibilityandqualityofitsrealestatesupplyandAmsterdamforproximitytomarkets,clients,andpartners.

Thefullreportprovidescategory-specific

rankings,accompaniedbydetailedanalysisandcomparisonwiththe2020report.

MiddleEast,Indiaandemergingmarkets:newcontendersrise

DistrictsinDubai(DIFC)andRiyadh(KAFD)rank

amongthefastestclimbers,thankstofavorablemacro

conditionsandpro-investmentpolicies.DIFCranks2ndformacroeconomicenvironment,whileKAFDis5thand11thinrealestate.

InIndia,Bangalore’sOuterRingRoadcouldemergeasa

keyhubforAIinthefuture,withthecityhometo94,000AIprofessionals—theworld’sdensestconcentrationof

AItalent.Elsewhere,districtslikeBandraKurlaComplex

(Mumbai),Sandton(Johannesburg),SantaFe(Mexico

City),andPaulistaAvenue(SaoPaulo)stilllagdueto

infrastructuredeficitsandregulatoryuncertainty,buttheirgrowthpotentialremainssignificant.

Bankenviertel(Frankfurt,Germany)

fortheGBDInnovationClub

8|TheEY-ULIglobalbusinessdistrictsattractivenessreport

TheEY-ULIglobalbusinessdistrictsattractivenessreportfortheGBDInnovationClub|9

Fourmegatrends:redefiningtheurbancore

Fourmegatrends:

redefiningtheurbancore

Thereporthighlightsfourkeytrendsandrelatedchallengesthat

investors,occupiers,developers,architects,andmanagersofglobalbusinessdistrictsneedtoaddresstoremainrelevantandresponsivetochangingconditions.Because,astheheadofaUSGBDconfirmed,“businessdistrictsthatdon’tchangearedead—clingingtothestatusquoisn’tanoption.”

Thereportpredictsthatthenextgenerationofglobalbusiness

districtswillmovebeyondtheirpurelycommercialoriginstobecome“socialdistricts”,vibrant,integratedandinclusiveenvironmentsthatcombinework,living,culture,andsustainability.Thewinnerswillbethosewho:

.Attractworld-classtalentthroughurbanvitalityandaccessibility.

.Reinventrealestatebyrenovatingexistingbuildingsandachievingenvironmentalexcellence.

.LeveragetechnologyandAItoenhanceuserexperienceandadapttothedigitalera.

.Committolow-carbongrowthandsocialinclusion.

Fourmegatrends:redefiningtheurbancore

MEGATREND#1

Thetyrannyoftalent

Talentremainstheultimatecurrency

76%ofstakeholdersranktheabilitytoattractandretainkeytalentas“veryimportant”intheirlocationchoices.

Yettheparadigmofworkischanging.“Geopoliticsis

notthemainchallenge.Therealchallengeliesinfindingtalent”saidoneinvestorinterviewedforthereport.

Toattractandretainskilledprofessionals,GBDsare

embracing“work-live-play”strategies.Thesurvey

revealedtheHRpriorities:46%ofrespondentshighlighthousingcostsasakeychallenge;41%ofrespondentscallforbettertransportlinksand32%seecongestionasa

majorrisk.

Mixed-usedistrictslikeSaoPaulo’sPaulistaAvenue(whereresidentsnearlyequalemployees)andParisLaDéfense

leadthisshift.37%ofrespondentsnowcitevibrant,

holisticenvironmentsasadecisivefactorinchoosingadistrict.

HybridworkandAI

Workparadigmsintheseareashaveevolvedconsiderablysincethepandemic.Globally,white-collaremployees

nowspendanaverageof3.4daysperweekintheoffice,oftenoptingforhybridmodels.IntheUnitedStates,officereturnratesrangefrom45%to65%,comparedto70%to100%inAsia,withEuropesomewhereinbetween.

Thereportaddressesthedualimpactofartificial

intelligence(AI).Ontheonehand,itcontributesto

economicgrowthandthecreationoftechnologyjobs;ontheother,increasedautomationcouldreducethedemandforrolesandthusforofficepropertyinGBDs.

46%

ofrespondentsconsiderthe

housingaffordabilitychallenges

facedbyemployeesastheprimarythreatGBDsneedtotackleover

thenextthreeyears.

Pudong-Lujiazui(Shanghai,China)

fortheGBDInnovationClub

10|TheEY-ULIglobalbusinessdistrictsattractivenessreport

Fourmegatrends:redefiningtheurbancore

TheEY-ULIglobalbusinessdistrictsattractivenessreportfortheGBDInnovationClub|11

MEGATREND#2

Thesoftandhardpowerofrealestate

Premiumofficespaceprovesmore

resilient

Collectively,GBDsoffer126millionsqmofofficespace,

predominantlypremium,formingthelargestconcentrationofofficerealestateintheworld.Demandforoffices

hasremainedrelativelysteadyforcategoryAbuildings

(premiumquality,technologicallyequippedandmeetingthelatestenvironmentalstandards).Theriseinprices

withoutadramaticdeclineindemandisevident,for

example,intheCity(+40%between2019and2024)andMidtownManhattan(+30%),illustratingthatcompaniesarewillingtopayhigherrentsforiconic,sustainableandservice-richoffices.

Incontrast,lowerqualityofficespacescontinuetoattractmuchlessinterest,andaformofobsolescencecanbe

observedatmanysitesacrossmostGBDs.Thesurvey

highlightsthat37%ofbusinessleadersnowfavor“flexibleandtechnological”workspaces(up23percentagepointscomparedtothe2020survey).

Ongoingeconomicpressureandrisingvacancyrates

Giventhecurrenteconomicclimate,thefocusisonthe

competitivenessofrealestate:40%ofrespondentsare

seeking“fairvalue”(up14percentagepointssince2020),andonly9%believethat“companiespayafairpricefor

thevaluereceived”.GBDstakeholdersfacesignificant

headwinds:hybridworkinghasreducedaverageoffice

spaceby15to30%,costpressures(realestateistypicallythesecondlargestexpenseafterHR),andvolatilemarketconditionsforinvestorshavecontributedtoa4.7-point

increaseinvacancyratessince2020.

GBDsevolvinginto“magneticneighborhoods”

GBDsarenowblendingoffices,shops,housingandleisure.Theirurbanvibrancyisbecomingthe“newnormal”for

thosewhodesignandequipthem.GBDsmustnowoffer

awiderangeoffacilitiesandservicesthatenhancethe

experienceforallusers,creatinglivelyandattractive

environmentsatalltimesofday.Thisdemandssignificantattentiontosecurityandthecreationofcarefullycuratedexperiences—eveningevents,pop-upactivities,cultural

programming—thatencouragepeopletosocialize,lingerandexplorebeyondtheoffice.Furthermore,competitionisintensifyinglocally,wheresmallerandmoreagilebusinessdistrictssucceedinfosteringambianceandenergy,

+14

Increase(inpercentagepoints)

since2020intheshareofGBD

stakeholderswhoconsiderpayingfairvalueformoneyas“very

important”.

Jakartasouthcentralbusinessdistrict

attractingcreative,technologyandR&Dcompanies,whichinturndrawtheattentionofinvestors.

MEGATREND#3

Fourmegatrends:redefiningtheurbancore

Thedualroleoftechnology

Technologyisbothanenableranddisruptor.Itreshapesreal-

estatedemand,drivesoperationalefficiency,anddefinesfuturecompetitiveness.27%ofrespondentscallAIprojectsessentialtoGBDs’strategy;42%stresscollaborationbetweenuniversities,

researchcenters,andindustryascritical.

SmartInfrastructureforOperationalEfficiency

Architects,developersandGBDmanagersareadoptingadvanced

technologiestoenhanceoperationalefficiency,sustainabilityand

theoveralluserexperience.Inthiscontext,27%ofprofessionals

viewAIpilotprojectsasessential.Yetthistechnologicalmomentumalsobringschallenges-fromsecurityandregulatoryissuesto

investmentrequirementsandshortagesinspecializedexpertise.

Despitethesechallenges,69%ofstakeholdersbelieveGBDsremainthebestplacesforinnovationtoflourish.

Amongthesolutionsexploredinthereport:Singapore’sMarinaBayintegratesIoTand5Gformobilityandenergyefficiency.ParisLa

DéfenseusesAI-drivendatatomanagecongestionandpollution.

BeijingCBDemploysAIfortrafficcontrolandsecurity.Digital

twins,modularconstruction,andpredictivemaintenancearenowstandard.

InnovationEcosystemsfortheDigitalAge

“TheideaofCanaryWharfisnotabusinessdistrict,butanecosystem”,saysarepresentativeofCanaryWharfGroup.

Comingfromanoffice-centricurbanmodel,GBDsmustincreasinglybuildinnovationecosystemstoenhancetheireconomicappeal

andhelpoccupiersremaincompetitiveinarapidlydigitalizinglandscape.Stakeholdershighlighttwoimmediatepriorities:

investinginadvanceddigitalinfrastructure(46%)andstrengtheningcollaborationbetweenuniversities,researchinstitutionsand

industry(42%).

InBerlin’sMediaspreeandBarcelona’s22@,innovationclusterslinkstartups,universities,andventurecapitaltofostertechgrowth.

27%

ofstakeholdersbelieveGBDsshouldpromoteAIpilot

projectswithinthedistricttopositionthemselvesas

leadinghubsforinnovation.

DubaiInternationalFinancialCentre(Dubai,UnitedArabEmirates)

fortheGBDInnovationClub

12|TheEY-ULIglobalbusinessdistrictsattractivenessreport

Fourmegatrends:redefiningtheurbancore

TheEY-ULIglobalbusinessdistrictsattractivenessreportfortheGBDInnovationClub|13

6%

ofstakeholders“strongly

agree”thatGBDsareeffectivelyaddressingthechallengesposedbyclimatechangephysicalrisks.

MEGATREND#4

Securingasustainablefuture

Lookingahead,becomingclimate-

resilientandlivablewillbeastrategicimperative

StakeholdersidentifythreeprioritiesforimprovingGBDs’

environmentalperformance:developinglow-carbonmobility(54%),retrofittingexistingbuildingstomeetgreenstandardsalignedwithoccupiers’andemployees’expectations(49%),andenhancinggreenandblueinfrastructuretocreateclimate-resilient,biodiverse,and

eco-friendlydistricts(46%).

“We’veshiftedfromprovidingparkingspacestosupportingcyclingandgreencommuting,”oneEuropeanoccupierinEMEAsaid.

Indeed,newmobilitystrategies—bikelanes,electrictransport,pedestrianization—anchorsocialinclusionandlivabilityinthesustainabilityagenda.

Europeandistrictslead,withFrankfurt’sBankenvierteltoppingthesustainabilityranking,followedbySanFrancisco’sFinancialDistrictandLondon’sCity.

Thechallengeofcost,regulationandtechnology

Yetambitionlagsaction:lessthan10%“stronglyagree”thatGBDsaremeetingclimatetargets;just41%believethey’re“effectively

managingphysicalclimaterisks”.Bestpracticesindicatethatthemostsuccessfuldistrictsstrikeacarefulbalancebetweencost,

innovation,andenvironmentalstewardship.Byintegratingtheseelements,GBDscancreateresilient,inclusive,andfuture-ready

urbanecosystemsthatachievebotheconomicandenvironmentalobjectives.

Public-privatepartnershipsfinanceretrofitsandcarbonreductionprojects—forinstance,Guangzhou’sTianheStandardalignslocalpracticeswithglobalESGbenchmarks.CitieslikeLondonand

Brusselsenforcea“retrofit-first”rule,makingdemolitiontheexception.

LaDéfense(Paris,France)

Sponsorsandproducers

TheGlobalBusinessDistrictsInnovationClubisa

professionalnetworkcomprisingleadingbusinessdistrictsworldwide,theirmanagementcompanies,urbanplanningauthorities,andspecialistsfromrelatedfields.Itaims

topoolresourcestopromotecollaboration,facilitate

knowledgeexchange,boostvitalityandappeal,encourageinnovation,andsharebestpracticesamongsomeofthe

world’smostinfluentialtertiaryhubs.

EY’sglobalpurposeis“buildingabetterworkingworld”

bycreatingnewvalueforclients,people,societyandtheplanet,whilebuildingtrustincapitalmarkets.Enabled

bydata,AIandadvancedtechnology,EYteamshelp

clientsshapethefuturewithconfidenceanddevelop

answersforthemostpressingissuesoftodayand

tomorrow.Thisisparticularlytrueintherealestate

industrywhereEYteamsworkacrossafullspectrum

ofservicesinassurance,consulting,tax,strategyand

transactionsforoccupiers,investors,developersand

constructioncompanies.Fueledbysectorinsights,a

globallyconnected,multidisciplinarynetworkanddiverseecosystempartners,EYteamsprovideservicesinmore

than150countriesandterritories.

ULI,theUrbanLandInstitute,isanonprofitresearch

andeducationorganizationsupportedbyitsmembers.Itsmissionistoshapethefutureofthebuiltenvironmentfortransformativeimpactincommunitiesworldwide.Foundedin1936theinstitutehasmorethan48,000

membersworldwide,representingtheentirespectrumoflanduseandrealestatedevelopmentdisciplinesworkinginprivateenterpriseandpublicservice.Amultidisciplinaryrealestateforum,ULIfacilitatesanopenexchangeof

ideas,information,andexperienceamongindustry

leadersandpolicymakersdedicatedtocreatingbetter

places.MemberssayULIprovidesinformationtheycan

trust,andthatitisaplacewhereleaderscometogrow

professionallyandpersonallythroughsharing,mentoring,andproblemsolving.Withpride,ULImemberscommittothebestinlandusepolicyandpractice.

Aboutthereport

Aboutthereport

fortheGBDInnovationClub

14|TheEY-ULIglobalbusinessdistrictsattractivenessreport

Methodologyinbrief

Thesurvey,interviewsandworkshops:between

JuneandSeptember2025,ULIandEYconducted250interviewswithkeystakeholdersusingacomprehensive20-questionsurvey.Participantsrepresentedabroad

cross-sectionofroles—includingoccupiers,developers,architects,investors,experts,andGBDmanagers—

fromvariousregionsaroundtheworld.Anadvisory

committeecomposedofleadingexpertsfromtherealestateandurbansectorprovidedvaluable,forward-

thinkingperspectives.Additionally,multiplecollaborativeworkshopswereorganizedwithparticipationfromEY,ULI,andtheGBDInnovationClub.

Thisbenchmarkassessedmorethan80objectiveand

quantitativeindicators,totalingapproximately2,400

datapointsacrossdifferentgeographicscales,from

individualbusinessdistrictstometropolitanandnationallevels.Datawassortedintoeightcategoriesalignedwithstakeholderpriorities:Talent,Business,Influence,MacroConditions,RealEstate,UrbanAmenities,Innovation,andSustainability.Theprocessproducedrankingsderived

fromweightedaggregatesbasedonsurveyparticipants’

priorities.Over100sourceswereutilized,includingpublicandprivatedatasets,officialstatistics,corporatereports,