Austin One of Fastest-Growing Cities in World, Report Finds

Austin, Texas is one of the fastest growing cities in the world, according to the JLL 2020 City Momentum Index report. Austin placed 19th on the list, while Silicon Valley placed 9th – the only two United States cities to place in the top 20 – with both expected to see significant growth in coming years.

“Innovation continues to be a major driver of momentum and is a key contributor to the robust performance of Silicon Valley (9th) and Austin (19th) in the Index, the only representatives in the Top 20 from the advanced economies,” stated the report, which looked at the socio-economic and commercial property metrics of 130 cities worldwide.

Topping the list was Hyderabad, followed by Bengaluru (Bangalore), Ho Chi Minh City, Nairobi, Chennai, Delhi, Hanoi, and Manila. Following Silicon Valley was Shenzhen, Chongqing, Pune, Wuhan, Dubai, Hangzhou, Kolkata, Shanghai, and Riyadh. Following Austin to close out the top 20 was Mumbai.

Three U.S. cities made it into the top 10 for real estate momentum: Silicon Valley in 1st, Boston in 4th, and Austin in 6th. These cities experienced double-digit growth in prime office rents in 2019, “highlighting the strength of demand from companies coveting access to the labor market,” according to the report.

“While Silicon Valley’s reputation as a preeminent innovation hub is very well established, recent years have seen mid-sized cities such as Austin, Denver, Charlotte and Nashville garner growing reputations as talent-rich tech hubs,” stated the report. “Austin, cited for its quality of living, has a young, well-educated and rapidly growing workforce.”