Learning from the New York story

There’s an incredible energy and excitement to a world city which can be both exhilarating and exhausting.

I’m in New York this week with 35 representatives from across the Australian property industry as part of our first international study tour.

We have an action-packed program of briefings, presentations and site visits as we take a deep dive into the policies and projects that are driving New York’s real estate economy.

The timing is perfect, following the release of our Creating Great Australian Cities research a few months ago and an intensifying public debate in Australia about how we manage population growth.

There are more than eight and a half million people across the five boroughs of New York City which has undergone a huge economic and social transformation over the years.

From the economic and social decay of the 1970s, the impact of 9/11 and the GFC, through to its position today as the largest urban regional economy in the US and a hub for banking, finance and communications as well as a growing tech sector, the New York story is one of reinvention and transformation.

This has required leadership, entrepreneurship and vision – all of which we have the opportunity to learn from and be inspired by this week. 

The challenges and opportunities facing Australian cities are not dissimilar in many respects.

Good growth that drives the economy, attracts investment and creates new prosperity while promoting liveability and a great quality of life should be well within our reach, similar to the ambitions and achievements of those who are planning and creating great world cities such as New York.

We’ll give you some insights into some of the learnings from this study tour in future editions of Property Australia.