The world’s major business districts have regained their global pulling power, according to the 2025 EY–Urban Land Institute (ULI) Global Business Districts Attractiveness Report, which finds that 63% of stakeholders surveyed now view these districts as more attractive than before the pandemic.

The report, the third in a series produced by EY and ULI for the Global Business Districts Innovation Club, assessed 30 major business districts across 19 countries in Europe, North America and Asia, benchmarking them against eight indicators including macroeconomic performance, talent, real estate, innovation and sustainability.

Five years after Covid-19 reshaped how and where people work, business districts such as Midtown Manhattan, the City of London, Paris La Défense, Tokyo Marunouchi and Singapore’s Downtown Core, continue to be the command centres for global business and investment. Collectively, the top 30 districts generate USD 4.5 trillion in annual GDP, employ more than seven million people, host to 84 Global Fortune 500 companies, and house 296 HQs.

The leading 30 GBDs analysed

The 2025 Global Business Districts Attractiveness Report is based on a global survey of 250 real estate professionals, detailed interviews with global experts and practitioners and very detailed data analysis reflecting key trends and success factors. ULI and EY applied criteria to several hundred cities and their business districts to identify 30 “Global Business Districts” using 2,400 data points in eight categories (Macro Conditions, Market Proximity, Talent, Influence, Real Estate, Urban Amenities, Innovation and Sustainability).

• Historic and foundational sites — the very origin of the “business district” concept — remain at the top of the rankings. New York leads globally (Midtown #1 and Financial District #2), followed by Tokyo Marunouchi (#3), Paris La Défense (#4), and London’s City (#5). While they maintain their lead, the global landscape is evolving, with rising vacancy rates and weaker investment trends.
• Asian business districts continue their ascent: Beijing, Singapore, and Seoul feature in the top 10, reflecting the region’s growing economic influence — and the challenges faced by many North American and European counterparts.
• In North America, New York’s strength contrasts with the mixed performance of Los Angeles and San Francisco, which struggle with vacancy and safety issues. The average vacancy rate in major North American business districts is now nearly three times higher than in Asia.
• In Europe, the ranking and trajectories of major business districts illustrate the continent’s loss of competitiveness. Europe’s six leading districts host 2.5 times fewer Fortune Global 500 headquarters than their Asian counterparts. In 2024, investment volumes were 60% lower than those in Asia — a complete reversal from 2020. Yet, Europe also shows notable progress in environmental transition, particularly in Frankfurt and Amsterdam.
• New business districts are emerging: DIFC (Dubai) and KAFD (Riyadh) are asserting themselves in the Middle East, supported by favourable economic conditions. In India, Outer Ring Road (Bangalore) and BKC (Mumbai) could represent the next generation of global business districts, alongside Johannesburg, São Paulo, and Casablanca.

Simon Chinn, Vice President, Research & Advisory Services, ULI Europe, comments, “Contrary to predictions of their decline, global business districts have adapted and recovered. They remain the nerve centres of economic influence, yet their role is evolving. The most successful and resilient will be those that constantly adapt, balancing commercial vitality with climate responsibility and multifunctional, human experiences.”

While confidence is returning, the pandemic has left lasting structural shifts. Hybrid working, talent shortages, and escalating operating costs are redefining the urban core. Office occupancy across major markets remains uneven, with high demand for Grade A, sustainable and modernised space, but weak take-up for older building stock.

Marc Lhermitte, Partner at EY, noted:“Businesses are willing to pay a premium for quality and sustainability, but hybrid work means the definition of ‘prime’ has changed. Therefore flexibility, accessibility and a sense of place are now as critical as rent.”

Ms. Chen Dai, Chair of the Global Business Districts Innovation Club and Director of the Beijing Central Business District Administration Committee: “We are delighted to see from the report that, from a global perspective, major business districts around the world are entering a new phase of vibrant growth, showing strong momentum in talent concentration, business vitality, innovation development, and sustainable transformation. In today’s global landscape, business districts are not only engines of economic growth but also laboratories of innovation and prototypes for the cities of the future. We are transforming from traditional office spaces into more inclusive and resilient urban cores, injecting new energy into business and talent development.”

Four Megatrends Shaping the Future of Global Business Districts

Beyond immediate economic and geopolitical tensions, the report highlights four megatrends reshaping the future of global business districts. Each reflects deep demographic, technological, and environmental shifts that are transforming how cities and their economic cores — function, evolve, and create value and experience.

1. Talent First

76% of executives rank talent attractiveness as their top priority when choosing a business district. These districts must now act as partners for companies, helping them attract and retain employees with continued investment in transport, technology, place making, safety and (affordable) housing – which has become a critical priority for 46% of executives.

Concerns are shifting beyond office buildings toward the urban experience: vitality and quality of services are now prerequisites. Only business districts offering true diversity of uses such as green spaces, residential, retail, culture, and leisure plus pro-active placemaking, will continue to appeal to companies, employees, and investors. Without renewal, global business districts risk being overtaken, even locally, by smaller, more agile, and better-integrated urban hubs.

Mixed-use districts like São Paulo’s Paulista Avenue (where residents nearly equal employees) and Paris La Défense lead this shift. 37% of respondents now cite vibrant, holistic environments as a decisive factor in choosing a district.

2. The Soft and Hard Power of Real Estate

The question of “fair value” has become central to any real estate strategy: 40% of occupiers now cite this as a priority, up 14 points since 2020. Vertical, iconic architecture, large office floors, and prestigious addresses raise a question: how can the cost of height and prestige be justified in an era of cost-cutting and changing needs?

Two paths emerge, urban design and quality. The survey shows that top-quality buildings and districts, those most accessible, modern, comfortable, tech-equipped, and energy-efficient continue to attract tenants. In contrast, those that allow obsolescence to take hold or fail to embrace mixed use struggle to find occupants and maintain their ranking.

Although a “fair value”consideration has had a rise in priority by some, an overall rise in prices without a dramatic decline in demand is evident, for example, in London City (+40% between 2019 and 2024) and Midtown Manhattan (+30%), illustrating that companies are willing to pay higher rents for iconic, sustainable and service-rich offices.

3. The Dual Role of Technology and the Unicorn Gap

Technology has become fundamental to the operation and the attractiveness of global business districts for occupiers and talent. Despite concerns of technology and AI being a disrupter, it is also an enabler, reshaping real estate demand, driving operational efficiency, and redefining future competitiveness. Technology not only enables builders and designers to minimize environmental impacts and effectively manage millions of daily operations but also helps position them as centers of innovation. For instance, 42% of industry leaders advocate for stronger collaboration between academia and the sector, while 27% identify artificial intelligence as a critical driver of progress.

However, major business districts are still struggling to attract new-generation innovators. Only 12 percent of the world’s ‘unicorns’, privately held start-ups valued above USD 1 billion, are headquartered in Global Business Districts. This “unicorn gap” underscores a risk that GBDs could lose ground to more agile innovation clusters.

Among the solutions explored in the report: Singapore’s Marina Bay integrates IoT and 5G for mobility and energy efficiency. Paris La Défense uses AI-driven data to manage congestion and pollution. Beijing CBD employs AI for traffic control and security. Digital twins, modular construction, and predictive maintenance are now standard.

4. The Complexity of Sustainability

Sustainability has become central to the global business district agenda. The survey identifies three key levers to accelerate the transition:

• Low-carbon mobility (cited by 54 percent of respondents)
• Building retrofits (49 percent)
• Green and blue infrastructure (46 percent)

Looking ahead, success will depend on the ability of business districts to fully integrate climate considerations into their planning, investment, and governance. Yet, a significant gap remains between ambition and action: fewer than 10% of executives believe these areas are on track to address climate risks.

European districts lead, with Frankfurt’s Bankenviertel topping the sustainability ranking, followed by San Francisco’s Financial District and London’s City.
Key Report Recommendations

The EY & ULI report concludes that the next decade will see business districts evolve into “Central Social Districts or CSD’s”, which will be inclusive, mixed-use spaces that blend work, living, culture and climate resilience.

1. Put people first: attract and retain top talent through housing affordability, accessibility and quality of life.
2. Reinvent real estate: prioritise adaptive reuse, flexibility, and sustainable design.
3. Harness technology: integrate AI, digital twins and smart infrastructure for efficient, resilient operations.
4. Embrace the power of the triple helix, curating the combined power of major corporations, academia, and start ups.
5. Commit to low-carbon growth: embed retrofit-first strategies, clean mobility and social inclusion into urban policy and day-to-day district management.

Ends

The 2025 Global Business Districts Attractiveness Report is available from 14 November on ULI Knowledge Finder via https://knowledge.uli.org/en/reports/research-reports/2025/the-global-business-districts-attractiveness-report-2025 

For further information please contact:

Tony Nokling: [email protected]
Sarah MacDonald [email protected]

Notes to editors:

The Urban Land Institute:

The Urban Land Institute is a non-profit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the institute has over 48,000 members worldwide representing all aspects of land use and development disciplines.
In Europe ULI has over 5,500 members across 15 National Council country networks. Visit: europe.uli.org

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About the GBD Innovation Club

The Global Business Districts Innovation Club is a professional network comprising leading business districts worldwide, their management companies, urban planning authorities, and specialists from related fields. It aims to pool resources to promote collaboration, facilitate knowledge exchange, boost vitality and appeal, encourage innovation, and share best practices among some of the world’s most influential tertiary hubs.