Central business district

A central business district (CBD) is the commercial and business center of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides with the "city centre" or "downtown". However, these concepts are not necessarily synonymous: many cities have a central business district located away from its traditional city center, and there may be multiple CBDs within a single urban area. The CBD will often be highly accessible and have a large variety and concentration of specialised goods and services compared to other parts of the city. Midtown Manhattan is the world's largest central business district.
In Chicago, the Chicago Loop is the second-largest central business district in the United States. It is also referred to as the core of the city's downtown.
Mexico City also has its own historic city center, the colonial era "Centro Histórico", along with two CBDs: the mid-late 20th century Paseo de la Reforma in Polanco, and the new Santa Fe, respectively. Russia's largest central business district is the Moscow International Business Center in Moscow.
The shape and type of a central business district almost always closely reflect the city's history. Cities with strong preservation laws and maximum building height restrictions to retain the character of the historic and cultural core may have a CBD quite a distance from the city centre (and in some cases, outside the city limits itself). This distinction is quite common in European cities such as Paris, Moscow, Vienna, Prague and Budapest. The New World grew quickly after the emergence of modern transport, therefore a single centre often included many of the region's tallest buildings and served as both a commercial and cultural city centre.
In the 21st century, increasing urbanisation has led to the development of megacities that often have multiple CBDs scattered across the urban area. Downtown sections of cities, especially in North America, often are distinct from CBDs and city centres. No two CBDs have the same spatial shape, but there are certain common geometric patterns, which are largely a result of centralised commercial and industrial activities.
In Australia, the term CBD is widely used officially and colloquially, in the sense of city centre. The three biggest cities, Sydney, Melbourne and Brisbane have large CBDs. Sydney features growing micro central business districts, which serve as the hub for their respective areas outside the CBD. An example is Parramatta (which is considered the financial hub of Western Sydney), Chatswood and North Sydney. Also on the outskirts of Brisbane, within Brisbane-Gold Coast urban area with a population of three million, a new micro central business district being created in Southport.
São Paulo is a multipolar city, with several business districts. Avenida Faria Lima and the neighboring districts, Itaim Bibi and Vila Olímpia, now concentrate a large part of the financial activities in São Paulo and Brazil. Avenida Paulista and nearby streets is a well-established financial center that has several banking offices and corporate headquarters, as well as hospitals. Its Historic Center was the city's first business center; There, the São Paulo Stock Exchange is located. The region comprising Avenidas Berrini, Doutor Chucri Zaidan, and Nações Unidas, the city's newest commercial district, has offices of multinational companies and also commercial services.
In Rio de Janeiro, Brazil's second-largest city, the main business district still is in downtown, where Petrobrás and Vale headquarters are located, but there is a concentration of business in Botafogo harbor and in Barra da Tijuca, a newer Rio de Janeiro suburb located in city's west region.
The largest CBD in Colombia is Bogotá's Centro Internacional, where some of the tallest buildings in South America have been repurposed as national headquarters for Scotiabank Colpatria, Davivienda, and Bancolombia, among others.
Over the years, Bogotá has developed minor business districts, which include Avenida Chile, Ciudad Salitre, with companies like Avianca, Rappi, Johnson & Johnson, Terpel, Hilton, Hyatt, Marriott, Sheraton, Ramada, City Express, Aloft and Novotel; or Complejo Santa Bárbara, the last of which features the only W Hotel in the city.
Colombia's other notable CBDs include Parque Berrío in Medellín, Bocagrande in Cartagena (the largest touristic CBD in the country), and Paseo de Bolívar in Barranquilla.
La Défense, west of Paris, is France's largest central business district. La Défense was in 2017 ranked as the leading CBD in continental Europe, and the fourth in the world.
La Défense hosts 19 of the world's biggest 500 companies, whilst the Paris region as a whole hosts 29 of the world's 500 largest companies, establishing itself as the first city in Europe (and the third worldwide) for the number of companies classified in Fortune Fortune Global 500.
In Germany, the terms Innenstadt and Stadtzentrum may be used to describe the central business district. These terms can be literally translated as "inner city" and "city center". Some of the larger cities have more than one central business district. For example, Berlin alone has three.
Due to Berlin's history of division during the Cold War, the city contains central business districts both in West (Kurfürstendamm) and in East Berlin (Alexanderplatz), as well as a newly built business district near the Potsdamer Platz. The city's historic center (home to the Reichstag building, as well as the Brandenburg Gate and most federal ministries) was largely abandoned when the Berlin Wall cut through the area. Only after the reunification with the redevelopment of Potsdamer Platz, and the construction of numerous shopping centers, government ministries, embassies, office buildings and entertainment venues, was the area revived.
In Frankfurt am Main's city center, there is a business district called the "Bankenviertel".
In Düsseldorf, there is a business district which is located around the famous high street Königsallee with banks, shops and offices.
Traditionally, the Central Business District "CBD" of Hong Kong is Central, where many multinational financial services corporations have their headquarters. Consulates general and consulates of many countries are also located in this area, as is Government Hill, the site of the old government headquarters. As the Hong Kong SAR Government Headquarters moved to Tamar, Admiralty, the nearby area is also considered part of the CBD.
In Quarry Bay, Taikoo Place and areas nearby, including Admiralty, Wan Chai and Causeway Bay, and Tsim Sha Tsui, Kwun Tong, and Kowloon Bay are regarded as major business districts of Hong Kong.
India's capital New Delhi has been known for its CBD at Connaught Place. For the financial capital of the country, the famous CBD is The Bandra Kurla Complex in Mumbai. In Mumbai itself there is Nariman Point, which is another CBD including Andheri and Parel. Parry's Corner and Nungambakkam are among the main CBDs of Chennai.
Bangalore has five notable business districts: UB City, Brigade Gateway, Koramangala, Indiranagar, and Electronic City. Lucknow has three business districts, including Hazratganj Market, Gomti Nagar Extension at the extended area of Gomti Nagar, and Aminabad in old Lucknow. Kolkata also has central business districts, including B.B.D. Bagh, Park Circus, Esplanade, Salt Lake Sector V, and New Town.
The largest CBD in Indonesia is the Golden Triangle (Segitiga Emas in Indonesian) in Jakarta. Sudirman Central Business District, a super block that is located within the Golden Triangle, is the first of its kind in Indonesia, and one of the largest commercial center developments in the city. Jakarta started developing its business district in the early 1960s before hosting the Asian Games in 1962.
Surabaya in East Java built its first central business district in the Darmo region. The construction was expected to be completed by 2018 with 150 SOHO units and 500 residences.
In Italy, business districts do not coincide with the geographical centers of the city because the city center is the historical center of the city, and usually not very suitable to function as a modern business district.
A precursor to modern business districts is EUR in Rome, which is now home to several national and international companies and public bodies.
The EUR, the Napoli business district, the Milan business district, and City Life, are among the most important commercial areas in Italy. Other important business and financial centers are present in Genoa and Brescia.
In Pakistan, a central business district or a large, concentrated urban setting within a settlement is called a shehar. Karachi is Pakistan's largest city and the country's economic hub; the I. I. Chundrigar Road acts as Karachi's main financial district. Shahra-e-Faisal in Karachi is also one of the most important business districts of Pakistan.
Gulberg, Lahore has a large number of important office buildings as well as many high-rises and shopping malls. Pakistan established its first central business district, Lahore Central Business District, also known as Central Business District Punjab (CBD Punjab) by an ACT of Parliament (LCBDDA Act, 2021) in February 2021.
Jinnah Avenue in Islamabad is the main business district of the city. Blue Area is the central business district of Islamabad.
D Ground is the central business district of Faisalabad and Saddar is the main central business district of Rawalpindi.
In Peru, the central business district is San Isidro, in Lima, which hosts the majority of Peru's financial industry headquarters. Although still a largely residential district, the commercial and business activity located in or in the vicinity of the area. It has a permanent population of around 63,000 inhabitants and, during weekday business hours, a floating population that exceeds 700,000 daily commuters from other districts in Lima, the national capital.
San Isidro is served by three stations of El Metropolitano, Lima's bus rapid transit system: Estación Javier Prado, Estación Canaval y Moreyra (with over 16,000 daily passengers) and Estación Aramburú.
In the early 21st century, the southeastern district of Surco experienced a significant increase in upscale corporate developments in the area comprised by avenues Manuel Holguín, El Derby, El Polo, and La Encalada due to lower restrictions to grant construction permit and proximity to residential middle and upper class districts and is set to become, after traditional San Isidro and Miraflores, the new financial center of Lima.
The Philippines has three major central business districts, which are all located in Metro Manila. Bonifacio Global City (second) is the newest and one of the largest central business districts in the Philippines. The Bases Conversion and Development Authority (BCDA), Ayala Land, Inc. and Evergreen Holdings, Inc. controls Fort Bonifacio Development Corporation, which oversees the master planning of Bonifacio Global City. Ortigas Center (fourth), with an area of more than 100 hectares (250 acres), is the Philippines' second most important business district after the Makati CBD and is home to Asian Development Bank. Meanwhile, the Makati Central Business District (third), also known as the Makati CBD, is the leading financial and the largest central business district in the Philippines.
In Poland, the terms śródmieście or centrum are often used to describe the central business district.
The largest central business district in Russia is the Moscow International Business Center (MIBC) in Moscow, a commercial development located just east of the Third Ring Road at the western edge of the Presnensky District in the Central Administrative Okrug of the city. As of 2021, it is still under development. The construction of the MIBC takes place on the Presnenskaya Embankment of the Moskva River, approximately 4 kilometers (2.5 mi) west of Red Square, overlooked by the Third Ring Road. The project occupies an area of 60 hectares.
The second-largest central business district is Yekaterinburg-City in Yekaterinburg, the fourth-largest city in the country. It is located on the Iset River, and is under development as of 2021. The area occupies five hectares.
Saudi Arabia has several business districts, including:
In Singapore, the CBD is in the Downtown Core, one of the constituent planning areas of the Central Area, the country's city center. Its densest point is centered around Raffles Place, where most of Singapore's skyscrapers are located. The CBD sometimes also describes Central Area as a whole.
Singapore's CBD is the historic heart of the city-state, which makes it a mix of a tourist attraction and a business center. The CBD includes several multinational corporate headquarters, Singapore Management University, and historical buildings and museums.
As of 2016, the Singaporean government intends to redevelop Jurong East into a second CBD in Singapore. The area has also been earmarked as the site of the rail terminus for the Kuala Lumpur–Singapore High Speed Rail.
South Africa's largest cities, Cape Town, Durban, Johannesburg, Pretoria, and Port Elizabeth, have CBDs that include the corporate headquarters for many of South Africa's largest companies, its convention centers, and many of the country's tallest buildings.
Cape Town has one of South Africa's most iconic skyline (which includes Table Mountain) and the city's CBD.
In South Korea, the national capital of Seoul includes three central business districts. The Downtown Seoul, a historic area inside the Fortress Wall of Seoul in the Jongno and Jung districts has historically been the city's political, social and cultural heart, and still houses many corporate headquarters and political institutions in South Korea. It is also the most popular area for tourists and the city's main commercial district. While the district has a high density of high rise buildings, the tallest building, the SK Building, only reaches a height of 160m due to historic preservation regulations.
The second main district, located in the southeast part of Seoul, is Gangnam District, an area that was developed in the 1980s and is now among the city's most affluent neighborhoods. The Gangnam District has concentration mainly in economic power of Seoul, as many of prominent company HQs are located on Teheran Avenue. Gangnam Avenue and Yeondong Avenue, which includes the COEX mall, are major thoroughfares in Seoul. The tallest buildings in Gangnam include Tower Palace One, a residential complex, Trade Tower, Gangnam Finance Center, and Parnas Tower.
Seoul's third business district is Yeouido, an island located in central Seoul in the Yeongdeungpo District. Yeouido was developed in the 1970s; since the 1990s, however, it has become Seoul's financial center. Smaller in geographic size that the other two business districts, Yeouido has some of Seoul's tallest skyscrapers, including Parc1 Tower, International Finance Center Seoul, and the 63 Building. Yeouido is where the National Assembly of South Korea and many media companies and political institutions are based.
Smaller but notable central business districts in South Korea include the Jamsil area, which is the location of the 555-metre tall Lotte World Tower, Guro Digital Complex, Gasan Digital Complex, the Magok Business District, the Sangam Digital Media City, the Munjeong Administrative Town, and Mapo Avenue. The area near Yongsan Station, including the proposed Yongsan International Business District, is considered an emerging major commercial district that will exist in synergy with nearby Yeouido.
In Busan, South Korea's second-largest city, the central business district is along the Jungang Avenue, starting around the commercial area of Seomyeon Station and then proceeding south to the Busan International Finance Center in Munhyeon-dong and the area near Busan Station and Jungang-dong, where several corporate offices are located. A second major business district in Busan is Centum City, in the Haeundae District.
In Spain, the largest central business districts are in Madrid, the national capital. Paseo de la Castellana includes he city's main business districts: the Gate of Europe, AZCA, and CTBA. AZCA is 19-hectare (47-acre) super block near Real Madrid's stadium Santiago Bernabéu. It was the country's main business area during the late 20th century when most of the region's skyscrapers were developed. The tallest building in AZCA is the Torre Picasso, a 158-tower that was designed by Minoru Yamasaki architect, and includes the national headquarters for several multinational corporations, including Google and Deloitte.
There is also Madrid Nuevo Norte, starting construction in 2025. Making it one of the largest urban rehabilitation projects in Europe. It will include a new Central Business District, connecting with the already constructed Cuatro Torres Business Area.
The Gate of Europe has twin towers, which hold Spanish bank Bankia and Realia, a real estate company. A few blocks north of the Gate of Europe is CTBA, a complex of four skyscrapers that are the tallest in Spain. Notable architects, including Norman Foster, Ieoh Ming Pei, and Cesar Pelli, have designed its towers, which were completed in 2008. The tallest building, Torre de Cristal, is the fourth-tallest building is Western Europe with a height of 250 meters (820 ft). The complex houses the Spain-based headquarters for several multinational corporations, including KPMG, Coca-Cola, Volkswagen, Bankia, Cepsa, Pwc, OHL, and the embassies of the Netherlands, United Kingdom, Canada, and Australia, and a five-star hotel owned by Eurostars. A fifth tower is being for Instituto de Empresa university.
In Barcelona, the 22@, Gran Via and Granvia l'Hospitalet are the city's two main business districts. The Catalan capital does not have a reputation for skyscrapers and financial hubs, but has attracted several media and technology companies, including Microsoft and Yahoo!. In 2005, the Torre Agbar, designed by French architect Jean Nouvel, is the third-tallest building in Barcelona with a height of 145 meters (476 ft) and was intended to become a Hyatt hotel once administrative issues are resolved.
Moreover, Barcelona is building the new La Sagrera station which will include a new office buildings, parks and culture centers. Construction has already started by moving the railway tracks in the area underground.
In Taiwan, the term "city centre" (Chinese: 市中心) is often used instead of central business district, but a different commercial district outside of the historic core is typically labelled a CBD (Chinese: 中心商業區), "financial district" (Chinese: 金融貿易區), or "Yolk area" (Chinese: 蛋黃區). Taiwan also has many traditional central business districts.
In Taipei, the capital city of Taiwan, the area around its main railway station, including the Zhongzheng District, is regarded as Taipei's historic centre; it is home to many of Taiwan's national government buildings, including the Presidential Office, the Executive Yuan, the Control Yuan, the Legislative Yuan, the Judicial Yuan, and various government ministries.
The second main district, in the central part Taipei, is the Xinyi Special District, which was developed mostly in the 1990s, and has emerged as Taipei's financial, political, and commercial center. The district includes the greatest concentration of corporate headquarters and offices in Taipei and is amongst the nation's largest shopping districts. It also includes many of Taipei's tallest skyscrapers, including the 509.2-meter (1,671 ft)-tall Taipei 101, Taipei Nan Shan Plaza, and Fubon Xinyi A25.
Taipei's third business district, Nangang District, is situated in the very east of the city. Nangang was developed in the early 21st century and is the seat of the Academia Sinica, Taipei World Trade Center Nangang Exhibition Hall, and Nankang Software Park (NKSP).
Greater Taipei serves as a multi-central metropolitan area, and a few other areas have become important business districts, including Daan District, Xinban Special District, Neihu District and Xinzhuang Sub-city Center, which is considered to have the potential to emerge as a major commercial district in Taiwan, functioning in synergy with nearby Sanchong District and Wugu District.
In Taichung, Taiwan's second-largest city after Taipei, the central business district is Taichung's 7th Redevelopment Zone. It features broad and widely spaced boulevards, attractive apartments, department stores, and office towers, which are brightly lit at night.
In Kaohsiung, Taiwan's harbour city, the central business district is Asia New Bay Area, which is home to the city's tallest skyscrapers, including 85 Sky Tower and Farglory THE ONE and Port of Kaohsiung, the nation's largest port.
In Turkey, Ankara became the nation's capital in the early 20th century, but Istanbul has remained the main economic center of the country. But a 262 hectare central business district is planned in Varlık, Altındağ.