Sydney has been identified as one of the cities most likely to soon break into the group of 'Big Six' established world cities—London, New York, Paris, Hong Kong, Tokyo and Singapore—according to new research from JLL. The report, Globalisation and Competition: The New World of Cities, states that these ‘Big Six’ account for 22 percent of global real estate investment. "These are the highly globalised and competitive metropolitan economies with the deepest and most settled concentrations of firms, capital and talent," the report states. "They have significant competitive advantages, but nonetheless are vulnerable to other dynamic gateway cities that are well positioned to capture spill-over demand, notably Seoul, Toronto and Sydney and, over the longer term, Shanghai." “In order for the ‘Big Six’ cities to maintain their dominance, they will need to execute bold and ambitious urban transformation projects to accommodate growth and stay globally competitive," says Rosemary Feenan, director of Global Research Programmes at JLL. JLL says affordability has become a critical issue for cities such as London, New York and Hong Kong, where there are pressing requirements for appropriately-priced and flexible urban business space for the expanding innovation economy. In order to maintain their competitive edge, these cities will need a major boost to new residential supply. JLL says Sydney has acquired some of the financial, headquarter and institutional critical mass needed to join this elite group. “Sydney’s international reach is growing and its stature compelling," said JLL Australia CEO, Stephen Conry. “Sydney is a beneficiary of the entry and expansion of NASDAQ and S&P 500 listed companies. A number of these companies are seeking geographical diversification in future revenue and increased exposure to the Asia Pacific region. Sydney offers a high quality of life and is an attractive destination for US headquartered companies to send highly skilled knowledge workers to run the Australian and potentially Asian operations of these companies." Brisbane and Melbourne are also mentioned in the report as ‘New World Cities’. “It is not surprising that Brisbane and Melbourne have been ranked so highly in international comparisons. Both capital cities have a unique set of characteristics that set them apart from other Australian capital cities,” said Conry.