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From hippies to hipsters, the world’s most dynamic city

San Francisco has been crowned the most dynamic city globally, according to a new ranking published by real estate services firm Jones Lang LaSalle (JLL) on Friday.

The company's City Momentum Index looks at the underlying drivers of highly dynamic cities including the presence of corporate headquarters, top universities and technology and venture capital firms.

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The index aims to provide real estate investors with a perspective on city dynamics and captures the signals of change by focusing on the features of a city that are likely to underpin future performance.

Costumed dancers in Carnaval Grand Parade in San Francisco.Judy Bellah | Lonely Planet Images | Getty Images

"The tech-heavy San Francisco Bay Area is the undoubted winner of our first City Momentum Index, providing a unique and unrivalled reputation for innovation, venture capital and start-ups. Indicative of the metro area's current dynamism," JLL wrote in a report.

San Francisco is expected to show the strongest rate of office rental growth in North America during 2014, according to the firm.

The top 10 cities were scattered across the globe with London, Dubai, Shanghai, Wuhan, ranking second through fifth, respectively.

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Dubai has bounced back from a slump in its economy and real estate market following the global financial crisis, with the city's successful bid to host the 2020 World Expo trade convention also providing renewed confidence.

Meanwhile, the less-talked-about city of Wuhan has built robust momentum as it realizes its potential as the hub of Central China. An industrial powerhouse of global scale, the city is climbing the value chain, helped by one of the country's strongest education infrastructures, JLL said.

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