Brandon Donnelly
Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly.
Brandon Donnelly
Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly.
The City of London, also known as the "Square Mile," is the financial district of London. Some 678,000 people work in the area, nearly 9,000 people live in it, and millions visit it each year. So it's an intensely used square mile (~1.12 square miles or ~2.9 square kilometers). Given this intensity, do you think that it would be reasonable, or even possible, for all 678,000 people to drive their own car to work and not experience crippling traffic congestion?
Obviously not, and the data reflects that:
Motor vehicle usage within the City of London is nearly a third of what it was in 1999. This is a result of moves like the city's Congestion Charge (introduced in 2003) and new Cycling Superhighways (introduced between 2015-16).
Cycling increased 57% from 2022 to 2024. Personal bike usage increased 36%. Shared dockless bike usage increased 4x and now makes up 17% of all people cycling. During daytime hours (7am to 7pm) cycling represents about 39% of all on-street traffic, which is nearly 2x the amount of cars and private hires. And based on current trends, cycling is forecasted to become the dominant all-around mode of transport within as soon as two years.
People walking, wheeling, and cycling now make up three quarters of all travel, up from two-thirds in 2022. This is a huge percentage.
For more data, check out the City of London's City Streets 2025 Summary Report.
Cover photo by Frans Ruiter on Unsplash
This year, 88 companies delisted or transferred their primary listing away from the London Stock Exchange. Only 18 new companies listed. This, according to FT, marks the biggest net outflow of companies since the financial crisis.
A lot of these companies are, of course, moving their listings over to the US. The New York Stock Exchange and the Nasdaq are, by far, the two largest stock exchanges in the world by market cap. And so many companies believe that they'll generally have a better time being listed over there -- better access to capital, greater liquidity, etc.
This is not a new trend. Last year, the FT also called out the London Stock Exchange as being the European stock exchange with the greatest risk of seeing companies depart for the US. Here's what's been happening since the financial crisis:
There are countless rankings of cities out there. And most of them probably don't mean very much. But the concept of a "global city", as coined by Saskia Sassen in the early 90s, is still immensely fascinating to me. And that's because there is, in fact, an order. There are cities that are less and more important to the global economy.
To this end, Resonance Consulting has just released their annual ranking of the world's best cities. And this year, they've introduced something new to their methodology: perception data. For this, they partnered with Ipsos and asked more than 22,000 respondents across 30 countries the following three broad and open-ended questions:
What are the top 3 towns or cities you would most like to live in someday?
What are the top 3 towns or cities you would most like to visit in the next 12 to 24 months?
What 3 towns or cities do you believe currently offer the best job opportunities?
The intent with these questions was to not anchor people to a specific list of places, and to not necessarily anchor people to big global cities. Maybe the best job opportunities are believed to be in small towns that most people aren't thinking about. The result is that thousands of different towns and cities were mentioned during the survey period.
While this didn't necessarily impact the cities and usual suspects that you would expect to see in a ranking like this -- cities like London, New York, and Paris -- it did change certain things and offer some interesting insights. For example, the strong global perception of Sydney helped to move it into the top 10 for the first in the ten-year history of this report.
On the other end of the spectrum, negative sentiment (outside of China) toward Hong Kong caused the city's ranking to drop precipitously. It is now ranked 97th, behind cities like Naples (Italy), Birmingham (UK), and Rochester (US). Singapore, in case you're wondering, is ranked 5th:
The City of London, also known as the "Square Mile," is the financial district of London. Some 678,000 people work in the area, nearly 9,000 people live in it, and millions visit it each year. So it's an intensely used square mile (~1.12 square miles or ~2.9 square kilometers). Given this intensity, do you think that it would be reasonable, or even possible, for all 678,000 people to drive their own car to work and not experience crippling traffic congestion?
Obviously not, and the data reflects that:
Motor vehicle usage within the City of London is nearly a third of what it was in 1999. This is a result of moves like the city's Congestion Charge (introduced in 2003) and new Cycling Superhighways (introduced between 2015-16).
Cycling increased 57% from 2022 to 2024. Personal bike usage increased 36%. Shared dockless bike usage increased 4x and now makes up 17% of all people cycling. During daytime hours (7am to 7pm) cycling represents about 39% of all on-street traffic, which is nearly 2x the amount of cars and private hires. And based on current trends, cycling is forecasted to become the dominant all-around mode of transport within as soon as two years.
People walking, wheeling, and cycling now make up three quarters of all travel, up from two-thirds in 2022. This is a huge percentage.
For more data, check out the City of London's City Streets 2025 Summary Report.
Cover photo by Frans Ruiter on Unsplash
This year, 88 companies delisted or transferred their primary listing away from the London Stock Exchange. Only 18 new companies listed. This, according to FT, marks the biggest net outflow of companies since the financial crisis.
A lot of these companies are, of course, moving their listings over to the US. The New York Stock Exchange and the Nasdaq are, by far, the two largest stock exchanges in the world by market cap. And so many companies believe that they'll generally have a better time being listed over there -- better access to capital, greater liquidity, etc.
This is not a new trend. Last year, the FT also called out the London Stock Exchange as being the European stock exchange with the greatest risk of seeing companies depart for the US. Here's what's been happening since the financial crisis:
There are countless rankings of cities out there. And most of them probably don't mean very much. But the concept of a "global city", as coined by Saskia Sassen in the early 90s, is still immensely fascinating to me. And that's because there is, in fact, an order. There are cities that are less and more important to the global economy.
To this end, Resonance Consulting has just released their annual ranking of the world's best cities. And this year, they've introduced something new to their methodology: perception data. For this, they partnered with Ipsos and asked more than 22,000 respondents across 30 countries the following three broad and open-ended questions:
What are the top 3 towns or cities you would most like to live in someday?
What are the top 3 towns or cities you would most like to visit in the next 12 to 24 months?
What 3 towns or cities do you believe currently offer the best job opportunities?
The intent with these questions was to not anchor people to a specific list of places, and to not necessarily anchor people to big global cities. Maybe the best job opportunities are believed to be in small towns that most people aren't thinking about. The result is that thousands of different towns and cities were mentioned during the survey period.
While this didn't necessarily impact the cities and usual suspects that you would expect to see in a ranking like this -- cities like London, New York, and Paris -- it did change certain things and offer some interesting insights. For example, the strong global perception of Sydney helped to move it into the top 10 for the first in the ten-year history of this report.
On the other end of the spectrum, negative sentiment (outside of China) toward Hong Kong caused the city's ranking to drop precipitously. It is now ranked 97th, behind cities like Naples (Italy), Birmingham (UK), and Rochester (US). Singapore, in case you're wondering, is ranked 5th:
Some people may not think that this is a big deal, but it certainly undermines London's position as a pre-eminent global center. Most rankings of the world's best or most global cities have London and New York out front. But from an economic prosperity standpoint, the US hegemony is real and feels even stronger right now.
Naturally, this decline will also trickle through other parts of the economy. On the real estate side, prime central London is seeing the biggest buyer's market since the financial crisis. (Presumably this is true of other submarkets as well.) On the new construction side, sales and starts are falling, and unsold homes sitting as developer inventory are increasing:
It is tempting to say that London will always be London. But:
“The UK market does not have any god-given right to be a leading listing venue, [but] it requires nurturing and support to be successful in a market that is increasingly global,” said Hall, adding that “more companies will depart” unless action is taken.
This is true of every city and every industry. There are no guarantees. Cities need to compete, just as companies compete. I am also of the opinion that Brexit has and will continue to be a drag on the UK economy. Disclaimer: I'm not an economist. But the UK is a relatively small country. So intuitively, I would think that the way to compete with the scale and dominance of the US is through a more unified Europe.
Are you bullish or bearish on London right now?
Broadly speaking, the perception data also served to remind us that we continue to have a bias toward cities. When people are asked where they want to live, visit, and work, they still think of the world's biggest and most important places. So despite the rise of decentralizing technologies (i.e. Zoom) and the bad things that happened to cities as a result of the pandemic, big cities remain at the center of the global economy.
This is not at all surprising.
Cover photo by Aaron Gilmore on Unsplash
Some people may not think that this is a big deal, but it certainly undermines London's position as a pre-eminent global center. Most rankings of the world's best or most global cities have London and New York out front. But from an economic prosperity standpoint, the US hegemony is real and feels even stronger right now.
Naturally, this decline will also trickle through other parts of the economy. On the real estate side, prime central London is seeing the biggest buyer's market since the financial crisis. (Presumably this is true of other submarkets as well.) On the new construction side, sales and starts are falling, and unsold homes sitting as developer inventory are increasing:
It is tempting to say that London will always be London. But:
“The UK market does not have any god-given right to be a leading listing venue, [but] it requires nurturing and support to be successful in a market that is increasingly global,” said Hall, adding that “more companies will depart” unless action is taken.
This is true of every city and every industry. There are no guarantees. Cities need to compete, just as companies compete. I am also of the opinion that Brexit has and will continue to be a drag on the UK economy. Disclaimer: I'm not an economist. But the UK is a relatively small country. So intuitively, I would think that the way to compete with the scale and dominance of the US is through a more unified Europe.
Are you bullish or bearish on London right now?
Broadly speaking, the perception data also served to remind us that we continue to have a bias toward cities. When people are asked where they want to live, visit, and work, they still think of the world's biggest and most important places. So despite the rise of decentralizing technologies (i.e. Zoom) and the bad things that happened to cities as a result of the pandemic, big cities remain at the center of the global economy.
This is not at all surprising.
Cover photo by Aaron Gilmore on Unsplash
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