Innovation is good for commercial real estate. In this case, not innovation within the industry itself — a good idea on its own — but because when it happens in other industries, companies form and grow and all need space.
Existing centers like San Francisco remain important, given established companies, spin-offs, university resources, pools of talent, and investment capital. New York, Boston, Tokyo, London, Seoul, Singapore, Shanghai, and Paris have also been important.
But it's expensive to live and operate in many of those places, so JLL points to other cities that are becoming homes to innovation. Big in the U.S. is Austin, Texas and Raleigh, North Carolina. Though, frankly, they've been important innovation centers for years.
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