JLL and UK consulting firm, The Business of Cities, have produced a new report outlining a global hierarchy of cities, which breaks cities into established, emerging and new world cities, informs Urban Taskforce Australia, . 

The report, titled Globalisation and Competition: The New World of Cities, states that the global structure of cities is changing, and smaller cities which are lower-down on the global hierarchy are becoming more specialised and becoming ‘niche’ cities, catering to specific markets. 

Sydney is the only Australian city to fall into the ‘established’ world city category, with Brisbane and Melbourne in the ‘new’ world city category. 

The report notes that in order to maintain a competitive edge, established urban cities such as Sydney will need to implement bold urban transformation plans, and also require a major boost to residential supply in order to attract global investment and address local housing affordability.

See the Full report here.

Source: Urban Taskforce Australia.