Beijing climbs in global CBD rankings

The attractiveness of global business districts has undergone a profound reshaping compared with five years ago, and the most notable shift has been the overall rise of central business districts in Asia, with China standing out as a key driver of this trend, according to a new report.

The 2025 Global Business Districts Attractiveness Report found that Beijing's CBD ranks sixth globally, with Hong Kong's Central District, Shanghai Pudong Lujiazui and Guangzhou CBD in Guangdong province following closely — all securing spots in the global top 30, and they have shown significant improvements in competitiveness across various indicators.

The report was released on Nov 14 by EY, a global professional services firm, and Urban Land Institute, and was supported by the Global Business Districts Innovation Club.

Beijing's CBD has secured a place among the world's top 10 three times, with its ranking climbing from 9th in 2017 and 7th in 2020 to 6th globally in 2025. Beijing's CBD is in second place in Asia this year, trailing only Tokyo's Marunouchi. The CBDs in Hong Kong, Shanghai and Guangzhou rank 13th, 14th and 22nd this year, respectively.

"These four business districts indicate China's ongoing breakthroughs and contributions in the global high-end business sector, solidifying their role as an increasingly attractive economic growth engine on the global stage," said Hoffman Cheong, EY China North managing partner.

The top 30 CBDs are home to a total of 84 Fortune Global 500 corporate headquarters, together generating over $4.5 trillion in annual economic output and serving as a pivotal engine driving global economic growth.

This year's study analyzed over 80 quantitative indicators and 2,400 data points. Based on a benchmark evaluation framework covering eight categories, including talent, market proximity, influence, macro conditions, real estate, urban amenities, innovation, and sustainability, a systematic analysis was conducted on the 30 CBDs featured in the ranking, according to the researchers.

The study also surveyed more than 200 industry leaders, including investors, asset and property managers, real estate consultants, urban planners and architects, and office building tenants.

Against the backdrop of global economic uncertainties, 63 percent of respondents note that the comprehensive attractiveness of major CBDs has increased from five years ago, demonstrating robust resilience and recovery momentum, the researchers found.

From a global perspective, the world's major CBDs are embracing a new wave of vigorous development. These hubs are not merely economic engines, but also experimental hubs for innovation and paradigms for the future of cities. The CBDs are shifting from traditional office spaces toward more inclusive and resilient urban cores, injecting fresh momentum into the growth of enterprises and talent, said Global Business Districts Innovation Club.

Simon Chinn, vice-president of research and advisory services at Urban Land Institute Europe, said the most successful and resilient CBDs in the future would be those that can continuously adapt, maintaining commercial vitality while balancing climate responsibility and people-centric experiences.

CBDs are increasingly evolving from office spaces to living communities, and gradually transforming into Central Social Districts. Specifically, 76 percent of respondents cite attracting and retaining top-tier talent as the most critical factor. Convenient public transportation, diverse cultural and social venues, and affordable living expenses have emerged as the core considerations for talented people while choosing their places of residence, the report said.

In particular, Beijing's CBD is home to seven Fortune Global 500 corporate headquarters and 11 unicorn enterprises, boasting a complete industrial chain and a dynamic innovation ecosystem. In addition, the capital's CBD has built an integrated "work-life-leisure" ecosystem, including highly concentrated cultural facilities, catering and retail outlets, commercial services and public spaces.

Shanghai Lujiazui highlights its robust dynamism as a test-bed for financial opening-up and a hub for global resource allocation. The area boasts a high concentration of foreign-funded financial institutions, efficient capital flows and active advancement of digital transformation, the report found.