Innovation is playing out across a more diverse global map than ever before, but a critical shortage of premium, investment-grade real estate is creating a new competitive frontier where quality of place – not just the city – is paramount, according to a new report from JLL. The fourth edition of JLL’s Innovation Geographies report reveals the severity of this supply-and-demand imbalance.
The analysis finds that only 11 percent of global office space was built after 2020, leaving a limited pool of the modern, high-quality buildings that are typically sought after by innovative companies. That number falls to just 9 percent in the Bay Area and other major global innovation hubs such as Beijing, Boston, New York and Seoul. Acute shortages in Paris and London have led new-build central business district (CBD) vacancy rates to fall to 0.9 percent and 1.2 percent, respectively.
“The geo
