Namma Ooru, Bengaluru, is a hot favourite in technology markets and industries, and for the right reason too.
A day in the city will be enough to tell you that the ‘Silicon Valley of India’ deserves its name, thanks to the young engineers, entrepreneurs and businesspersons who come here to bring their talents to the forefront.
And if you need official confirmation, a recent report titled “Top Locations in Asia: Technology sector” by Collier’s Research, a Canada-based global commercial real estate services organisation also validates this fact.
“Popularly known as the Silicon Valley of India, Bengaluru has been chosen as the Number 1 choice in Asia for technology occupiers.
Bengaluru’s top ranking is based on its socio-economic strengths, making it among the fastest-growing cities in Asia, with an average predicted annual GDP growth of 9.6 per cent till 2022,” said Joe Verghese, the Managing Director of Colliers International, India.
Bengaluru has always been a welcoming city when it comes to blooming new businesses and IT sectors. It has provided enough infrastructure, space and human resources for start-ups as well as MNCs. The city has scored 67.9% in the ranking, followed by Singapore at 62.6% and Shenzhen at 60.9%. Hyderabad, with a rank of 59.3%, stands seventh on the list.
“[Bengaluru] benefits from a wide and experienced talent pool.
The city has the largest number of higher education institutions across India relative to its population, with an employability ratio of 24 per cent for the IT sector. As the natural hub for technology start-ups, Bengaluru has attracted the highest quantum of start-up investment at an annual average of $4 billion over the last three years,” said Verghese.
For these reasons, the city is a clear preference for a number of technology markets. The sector accounts for 45% of the total office leasing volume in Q2 2018.
“The city clearly has an edge with the largest stock of Grade A office space in Asia after Tokyo, low employer costs (reflecting moderate staff costs and office rents), and is among the top 10 inexpensive cities with respect to the cost of living,” Verghese elaborated.
(Edited by Gayatri Mishra)