Bengaluru ranks second in the Asia Pacific region in the top tech hubs list and is only behind China’s Beijing, according to a report by Cushman and Wakefield. The report, called ‘Tech Cities: The Global Intersection of Talent and Real Estate’, studied as many as 115 different ‘tech cities’ across the globe. After Beijing and Bengaluru, the list has three other Indian cities, Chennai, Delhi and Hyderabad. Mumbai and Pune also made it to the top-10 list with eighth and ninth position in a list of 14 cities from the APAC.
The study considered factors such as talent, real estate and business environment to assess and evaluate the cities. Stating that Bengaluru is home to India’s largest Grade A office market, the report called the city one of the largest contributors to office space leasing with an average share of 25-30% in annual pan-India leasing activity from 2017 to 2021. The tech sector has accounted for an average 38-40% share in annual leasing activity (2017-2021) in the Bengaluru office market, which is higher than the national average of 35%, the report added.
It lauded Bengaluru for housing varied sectors such as defense organizations, public sector industries, aerospace, biotechnology companies, educational institutions, healthcare and research institutes. Stating that the city has a lot to offer residents, the report also touched upon quality of life, it said Bengaluru had secured the top position in the Indian government’s Ease of Living Index 2020 under the million+ population category. “The city is known for its greenery and public parks as well as a vibrant cultural environment consisting of museums, theatres, historical monuments and more,” it stated. Cushman and Wakefield also studied the distribution of technology companies across the city and said tech real estate is favourable at Outer Ring Road (ORR) and Peripheral East (Whitefield), making them the prominent tech-centric markets of the city.
It concluded that employees in Bengaluru can enjoy great office spaces with state-of-the-art facilities and amenities in these tech-heavy corridors which have become known for multiple tech parks. The city started early by constructing the first international tech park in the country in Whitefield before the start of the millennium. The city is being helped by its tech ecosystem, competitive office rentals and its abundant talent pool, which continues to attract global occupiers, it further said.