Sydney has made it to the 'contenders' list in Jones Lang Lasalle's report on the 'Big Seven Established World Cities'.

The new report, by JLL and The Business of Cities, ranks cities according to 300 indices, providing information to help businesses make investment and location decisions.

Sydney's quality of life, the transparency of its real estate market, and its strong 'brand' have helped push the harbour city up the ranks of most desirable cities.

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The results show that Sydney is becoming more competitive with the biggest and most globally connected cities, and is now close on the heels of the ‘Big Seven’ Established World Cities.

The report, titled 'The Universe of City Indices 2017: Decoding City Performance', includes analysis of 44 of the most robust indices. 

The latest results show that a ‘second tier’ of cities is emerging just behind the 'Big Seven', and are acquiring many of the assets and characteristics of the seven leading cities.

JLL’s ‘Big Seven Established World Cities'

1. London
2. New York
3. Paris
4. Singapore
5. Tokyo
6. Hong Kong 
7. Seoul

JLL's ‘Contenders’ list for the 'Established World City' title

1. Los Angeles
2. Shanghai
3. Beijing
4. Amsterdam
5. Chicago
6. San Francisco
7. Toronto
8. Madrid
9. Sydney
10. Washington DC

JLL and The Business of Cities say there are 10 essential characteristics for a successful global city.

1. Fostering innovation pathways
2. Uncovering hidden talents
3. Investing in infrastructure
4. Thinking long-term
5. Creating a well-run city
6. Ensuring transparency
7. Being smart
8. Keeping it affordable
9. Building brand
10. Going global

Sydney's key strengths were quality of life, transparency, high levels of direct real estate investment, and global reputation. And Sydney ranks second behind Melbourne at the top of the list for brand.

CEO of JLL Australia, Stephen Conry said, 'Two clear messages to emerge from this analysis by JLL and The Business of Cities is that more cities are becoming competitive with the biggest and best cities; and that the leading cities have to future proof in terms of their infrastructure and economic base.  

“The CBD light rail, the first stage of the Sydney Metro and the WestConnex road system – all will begin to come online over the next five years, and all will have significant impacts on the movement of people across the metropolis," said Conry of Sydney.

“Resilience and affordability present additional challenges that cities have to address to future proof,” said Conry.

JLL’s Director in Global Research, Jeremy Kelly, said, the indices "guide investors, businesses and employees as they make location choices."

Download the report: 'The Universe of City Indices 2017: Decoding City Performance'.

Read more about Australia's global cities:

Melbourne the 'World's Most Liveable City' for seven years, while Sydney remains outside the top ten

Brisbane to be major city within decade: Bernard Salt

Sydney, Melbourne, Hobart climb Knight Frank global price-growth index