What makes cities desirable

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US consumer prices are at their highest since And inflation is at 6. The Mayor of London is a household name, contributing to the profile of the capital. A prominent, respected leadership can cultivate prestige, attracting investors seeking to promote their investment portfolio. But the higher the profile of the leadership, the more critically it will be assessed. Ability to influence central government decisions A healthy relationship with Whitehall will enable the leadership to have a say in policy matters which impact the city.

This bargaining power also increases the chance of devolution of powers or funding to the city, as in Greater Manchester with four iterations of its devolution deal so far. For an investor to see the benefits of pro-investment leadership, the openness to investment must also be reflected in day-to-day decisions and processes. Investors prioritise cities which treat them as customers rather than adversaries, facilitating investment and ensuring it happens smoothly and easily.

Not all cities are easy to work with, so this can give a city a way to stand out from the crowd. A responsive planning system, open to growth A reputation for slow, restrictive planning deters investors even if the city leader welcomes them, as hold-ups introduce sizeable costs and risks into an investment.

Investors prioritise cities they know are likely to approve their plan, and without delay. A team which understands private sector investment and development Knowing the aims and requirements of each type of investor, such as their timescales and risk-return preferences, enables the city to facilitate this where possible. This expertise also gives investors confidence in the ability of the team. An awareness of the viability of each investment is also crucial for working smoothly with the private sector.

A willingness to flex processes and provide incentives, where necessary Knowing the city is willing to step in encourages investors to commit to investments. This could take the form of accelerating a planning process, sharing risk using a publicly-owned asset or providing funds. But incentives should only be used where absolutely necessary to facilitate investment. Investors often use current levels of investment activity as an indication of ease of investment. High numbers of transactions suggest a responsive, supportive system, whilst small numbers signal a restrictive environment or a small market.

Expectations of the city are also based on the experiences of others, shared by word-of-mouth through their network of contacts. So to attract investment, as well as being easy to work with, a city must ensure it has a reputation for being so. Investors often speak of attractive cities having a distinctive reputation.

For investors with so many potential locations to choose from, a city which stands out is more likely to attract interest. It is difficult to precisely define this distinctive quality. This visibility could be based on a cultural or historical significance, such as Liverpool for the Beatles. Or the city could be associated with a particular industry, such as Aberdeen for the oil industry or Cambridge and Oxford for their universities. Prestige is also important, particularly for international investors, and not limited to the largest cities, as proven by San Francisco, Cambridge or Munich.

Though desirable, many cities do not have this distinctiveness and it is not something they can easily create.

Having a distinctive reputation is not the same as having a brand. A brand is how the city wants to be viewed; a reputation is how it is actually viewed by the industry and this is what matters. Rather than spend time and money on branding, investors would prefer to see these cities focus on promoting their strengths and opportunities.

The above focuses on investors in aggregate, exploring the overarching city characteristics they prioritise regardless of the sector in which they invest. However, the weight put on each trait will vary according to the investment. Operating costs are high, so vacancies can significantly cut into returns by incurring costs on the investor.

Copenhagen has become an example of how smart urban planning and innovative architecture can create a meaningful impact on a city, its population, and the environment.

The second chapter posits that cities should encourage diversity, inclusion, and equality among their residents. That means ensuring that everyone has equal access to urban amenities, health care, education, employment, culture, leisure, sport, nature, and—perhaps most important—affordable housing. The authors note that 1. By creating tailor-made dwellings in challenging sites, architects can encourage economic diversity in rapidly gentrifying areas.

It also shares services, skills, finances, transportation, and energy, and it uses models of ownership and access that are geared toward the public good.