Mapping out global hotspots.

As the industry's major players make a push towards expanding their global platforms, a panel of experts has mapped out the global hotspots expected to enjoy major growth in coming years.

Speaking at the 2005 Corporate Real Estate Conference held in the city this week, panelists pointed to Moscow, Beijing, Helsinki and Bangalore as cities to watch.

With construction expected to double office space in Bejiing within the next four years, Dino Fusco, managing director at Goldman Sachs, said, "Beijing will grow during the latter part of this year. It's an area we're very excited about. We expect to see a lot of real estate from financial services activity."

As for India, Bangalore was the most frequently mentioned city there. "There's a lot of activity there," Fusco said. "GE and Microsoft have entered the area in a very big way. [By 2010,] three of the top ten [cities] will be in India."

The panel--which was moderated by Jeffrey Johnson, executive vice president and chief investment officer with Equity Office, detailed how, by 2007, for the first time ever, more people will live in cities than in rural areas. Peter Miscovich, of PricewaterhouseCoopers LLC, said that, between 2007 and 2030, 80% of the world's population will live in cities, with 54% of Asians populating major urban centers.

Several cities in Northern and Eastern Europe that should witness major commercial development over the coming years, namely the Hungarian capital of Budapest, Helsinki, Finland, and Prague in the Czech Republic. Romania and Poland are also emerging markets of the future, according to the experts.

Lee Utke, director of global real estate strategy and asset management at Whirlpool Corporation, said he believed there would be a major shift towards Poland, explaining, "Poland is a huge area of growth. Whirpool has invested $200 million there over the last two years, gaining 8% a year."

Fusco said he believed Moscow will become "the London of that area of the world. It's one of the top cities to keep an eye out for. The government in Russia is in tune to make sure the system succeeds."

One perhaps surprising exclusion among the global up-and-comers is South Africa. Fusco said, "South Africa is on the radar, but it might not develop as a stand alone. It doesn't feel like it's really ready for that kind of opportunity."

On the home front, cities such as Austin, Raleigh-Durham, Dallas, Denver, Phoenix, San Diego and Portland are all expected to develop their business and commerce markets during the next decade.

The panel heard how companies looking to develop their business in specific areas look for certain criteria, including appropriate infrastructures, technical services, environmental factors, education and an environment capable of fostering creativity and strong demographics.