Indo-Asian News ServiceSep 20, 2018 17:26:46 IST
Bengaluru is the best location in Asia for technology companies to operate, said a Colliers International report.
It is followed by Singapore and Shenzhen (China) in terms of starting and expanding technology operations in Asia, it said on Wednesday.
"Bengaluru's boost comes from it's socio-economic strengths that has set it to be the fastest-growing in Asia with an average predicted annual GDP growth of 9.6 per cent till 2022," said Joe Verghese, Managing Director, Colliers International India.
As the natural hub for technology start-ups, Bengaluru has attracted the highest quantum of start-up investments at an annual average of $4 billion over the last three years, he added.
"Bengaluru scores 68 per cent in the ranking and comes first overall. Bengaluru is the largest office market in the country with total Grade A stock of 141 million square feet (13.1 million square metre) spread across multiple micro-markets," said the report named Top Locations in Asia: Technology sector.
According to the report, Bengaluru is set to become the fastest-growing city in Asia over the next five to ten years and reaps benefits from a wide and deep talent pool.
The other Indian cities which figure among the top 10 are Hyderabad and Mumbai. Hyderabad ranked seventh, while Mumbai ranked tenth. Delhi-NCR, on the other hand, figured at the 11th position.
"Hyderabad ranks highly on growth potential like all Indian cities, but lower on other socio-economic factors and does not match Bengaluru as a source of talent. However, tax rates and cost of living are low and the city scores better than many other Indian cities on human factors," the report said.