In a study entitled ‘Tech Cities: The Global Intersection of Talent and Real Estate’ conducted by Cushman and Wakefield, Bengaluru has emerged as the second-best tech hub present across the Asia Pacific region just close behind Beijing.
Globally, some 46 top tech places were shortlisted from the lot of 115 cities, with 6 of the 14 cities in the APAC being from India. In the ranking, Bengaluru was followed by other Indian metros Chennai, Delhi and Hyderabad, while Mumbai and Pune also found a place in the top10 list out of the 14 evaluated cities from Asia Pacific (APAC).
MD of Cushman and Wakefield’s India & South-East Asia unit, Anshul Jain said, “The IT and tech-driven sectors remain the key driving force for the Indian economy. The strong market fundamentals coupled with key policy changes have not only made India a favourable investment hub for global IT players but also made it the most sought-after destination to find global tech talents and set footprints for further expansion.”
The study was based on many important factors such as talent, real estate and business environment for the assessment of the cities. The report found that Bengaluru is home to India’s largest Grade A office market making it one of the largest contributors to office space leasing with an average share of 38-40 percent share in annual leasing, higher than the national average of 35 percent.
The presence of a vast gamut of sectors ranging from defence and aerospace to biotech, health and research institutions only strengthened Bengaluru’s position as top tech hub and even with so many residents in the city the ease of living and the quality of life was also found to be top notch. The report mentioned, “The city is being helped by its tech ecosystem, competitive office rentals and its abundant talent pool, which continues to attract global occupiers.”
Some other noteworthy mentions in the report included that India has added more than 500,000 jobs in IT sector in the past financial year. It also stated Chennai’s success as the second largest software exporter and one of the largest data centre markets in India and Hyderabad which has giants like Microsoft and Facebook in its kitty and has more than 44 million square feet of office projects under construction countrywide. Thus, owing to such factors experts believe that the growth in tech leasing would continue and India’s progress toward tech promotions looks more than promising.