According to Cushman and Wakefield’s ‘Global Intersection of Talent and Real Estate,’ Bengaluru has emerged as the second-best tech hub in the Asia Pacific region, trailing only Beijing.
Globally, 46 top tech cities were chosen from a pool of 115, with India accounting for six of the 14 APAC cities. Bengaluru was followed in the ranking by other Indian metropolises Chennai, Delhi, and Hyderabad, while Mumbai and Pune also made the top ten list out of the 14 Asia Pacific cities evaluated (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.”
Bengaluru has India’s largest Grade A office market
The assessment of the cities was based on many important factors such as talent, real estate, and business environment. According to the report, Bengaluru has 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 in annual leasing, higher than the national average of 35 percent.
The presence of a diverse range of sectors, from defence and aerospace to biotech, health, and research institutions, only strengthened Bengaluru’s position as a top tech hub, and even with so many residents, the city’s ease of living and quality of life were found to be excellent. 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.”
India added more than 500,000 jobs in the IT sector
The report also mentioned that India added more than 500,000 jobs in the IT sector in the previous fiscal year. It also cited Chennai’s success as the country’s second largest software exporter and one of the largest data centre markets, as well as Hyderabad, which has giants like Microsoft and Facebook among its clients and has more than 44 million square feet of office space under construction nationwide. As a result of these factors, experts believe that the growth in technology leasing will continue, and India’s progress toward technology promotion looks more than promising.
