How are the world’s top ranking business districts currently faring against factors such as talent, real estate, innovation and sustainability?

On a grey misty November morning in Paris, industry experts convened in the city’s main business district, La Défense, to discuss just that at the launch of the 2025 EY–ULI Global Business Districts Attractiveness Report.

Following a presentation of the report’s key findings and megatrends by Marc Lhermitte, Partner at EY, an expert panel took to the stage to explore how business districts are evolving.

Lisette van Doorn, CEO of ULI Europe moderated the panel, which included Pierre-Yves Guice, CEO, Paris La Défense, Vincent Kerboull, Managing Director, Brookfield Real Estate, Simon Gallagher, CEO, Euronext London and William Yon, Principal, Gensler.

The panel discussion made one thing clear: business districts are no longer judged by their high-rise office towers and transport connections alone. The landscape has shifted. The competition now centres on people, how to attract them, support them, and keep them coming back.

The conversation opened with a reflection on how much the field has changed in a decade. Back then the focus was on office capacity and connectivity, today, decision-making is shaped by user experience, innovation, climate resilience, and cultural vitality.

Business districts have become complex ecosystems that matter as much to everyday life as they do to the economy.

Talent as the Ultimate Currency

If there was one theme running through the conversation, it was talent. Companies choose locations that help them attract and retain skilled people, and people choose locations that respect their time and wellbeing.

Good transport links remain the strongest pull, but quality of life carries equal weight. This includes aspects such as modern workplaces, natural light, reliable services, safety, and simple conveniences like being able to pick up groceries or see a doctor without travelling across the city.

Districts that once catered mainly to large corporates are now broadening their appeal. More mixed uses, better public spaces, and a wider range of services are turning former office zones into destinations in their own right.

The Obsolescence Problem

This evolution brings a sharper focus on buildings themselves. Demand is heavily concentrated in Grade A modern and sustainable space, leaving older offices at risk of long-term vacancy.

Retrofitting is the preferred approach where feasible, but the panel was honest about the limits. Some buildings simply aren’t suitable for conversion, whether for structural, carbon, or economic reasons.

What’s clear is that retrofits must do more than upgrade a façade. They need to reposition assets so they genuinely compete with new builds. Carbon budgets are now used by a growing number of major occupiers, and are pushing landlords to show measurable improvements, not just cosmetic changes.

Closing the Climate Gap

The report found that only a small share of stakeholders believe GBDs are on track for net zero. The conversation reinforced the need for stronger policy signals, but also highlighted that regulation alone won’t drive the transition. Momentum increasingly comes from employees who expect their workplaces to reflect their values.

Business districts can be powerful testing grounds for new climate solutions because they sit outside the heritage constraints of historic centres. This “sandbox effect” will be essential as cities push toward carbon-neutral growth.

Building Innovation Ecosystems

The panel agreed that most business districts are not yet living up to their innovation potential. Real progress depends on fostering tighter links between universities, research centres, startups, and established firms. Ground-floor activation, diverse tenant mixes, and curated events all help create the informal networks where new ideas flourish.
Innovation thrives on proximity. People meeting, talking, and learning from one another. That requires places designed for connection, not just efficiency.

From CBDs to Central Social Districts

Perhaps the most important shift underway is the move toward districts that serve as “magnetic neighbourhoods.” These are places where people work, live, socialise, and explore culture throughout the week. They’re also places where business districts reconnect with surrounding communities rather than operating as self-contained islands.

The panel’s closing question asked for one investment priority that matters most for Global Business District’s long-term relevance. The answers varied from talent, infrastructure to community integration, but the message was consistent: standing still is not an option. GBDs that innovate and embrace their broader social role will shape the cities of the future. Those that don’t risk becoming relics of the past.

Download the Executive Summary of the 2025 Global Business District Attractiveness Report here