Bengaluru ranks Asia Pacific's second-largest tech hub.
NRI Herald Australia, 04 Sept 2022
Bengaluru is the second-best tech hub in the Asia-Pacific region, trailing only Beijing, according to a Cushman and Wakefield study titled "Tech Cities: The Global Intersection of Talent and Real Estate."
Worldwide, 46 top tech cities were chosen from a pool of 115, with India accounting for six of the 14 APAC cities. Bengaluru was accompanied on the leaderboard by several other Indian metropolises: Chennai, Delhi, and Hyderabad, while Mumbai and Pune were also in the top ten list among the 14 Asia-Pacific cities evaluated (APAC).
Anshul Jain, MD of Cushman & Wakefield's India & South-East Asia unit, stated, "The IT and tech-driven industries continue to be the driving force for the Indian economy."
Significant market basics, combined with key reforms, have somehow made India a desirable investment attraction for global IT players, as well as the most sought-after location for finding global tech talent and setting up footprints for further expansion.
For the evaluation of the cities, the research depended on numerous significant aspects, such as skill, property investment, and business climate. According to the study, Bengaluru has India's largest Grade A office industry, trying to make it one of the biggest factors that contribute to commercial space rentals, with an overall average of 38–40% in annual leasing, higher than the national average of 35%.
The existence of a diverse variety of sectors, from defense and aerospace to biotech, wellness, and research organizations, only bolstered Bengaluru's recognition as a leading tech hub, and despite the city's large population, the ease of living standards was found to be excellent.
The report said the city has been facilitated by its startup ecosystem, competitive workplace rental properties, and plentiful depth of talent, which keeps attracting global occupiers.
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 achievement as the nation's second-largest software exporter and one of the largest data center markets, as well as Hyderabad, which has giants like Microsoft and Facebook among its clients and encompasses more than 44 million square feet of office space under construction nationwide.
As a result of these factors, experts think that the advancement of technology leasing will continue, and India's advancement toward technology advancement looks more than promising.