![]() In 2018, there were 548, and in 2030, a projected 706 cities will have at least one million inhabitants. There were 371 cities with more than one million inhabitants at the turn of the century in 2000. By 2045, this figure is estimated to increase by 1.5 times, to more than six billion. Ranking Cities’ Happiness Around the WorldĪbout 4.2 billion people, more than half of the world’s population (55.3 per cent), are living in urban areas today.Additionally, the cost to operate in prime Tier I real estate is expensive, and companies often see underdeveloped areas as a way to expand and invest in future growth. These areas present an opportunity for growth and development and allow businesses to expand and provide employment to people in growing cities. Many businesses see Tier II and Tier III cities as desirable destinations, particularly in times of economic strength. When the economy is poor, businesses mostly stick to Tier 1 cities, but when it is thriving, they may consider Tier 2 and Tier 3 cities.The higher the tier of the city, the more desirable it is seen for development by businesses looking to expand.Tier 1 cities such as New York or Los Angeles are highly developed, Tier 2 cities such as Seattle or Pittsburgh are still developing their real estate markets, and Tier 3 cities such as Akron or Biloxi have underdeveloped markets.Real estate market tiers are broken down into three levels, representing how well developed the markets are in the underlying cities.
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