Bengaluru’s tops the JLL City Momentum Index (CMI) rankings for the Asia-Pacific, as the city’s rapid progress in technology and global connectivity helped drive real estate growth.
“Bengaluru is effectively the ‘Silicon Valley’ of India with its mix of research institutes and higher education establishments contributing to the creation of a strong IT cluster,” said Jeremy Kelly, JLL’s Director, Global Research.
“With 40 per cent of India’s IT industry located in the city, the presence of international IT giants, together with the largest number of high-tech start-ups of any Indian city, are contributing to entrepreneurial growth.”
Based on the report ‘City Momentum Index 2016: The Rise of the Innovation-Oriented City’, India has increased its representation in the top 20 emerging world cities as Bengaluru is joined by Hyderabad. Globally, Bengaluru ranks fourth after London, Silicon Valley and Dublin.
“The findings follow India’s rapid economic growth and a general positive outlook about the country’s future,” said Anuj Puri, Chairman and Country Head, JLL India.
“Over the next few years we will have 5.5 million software programmers — even more than the US. Software and IT services firms have been major drivers of office demand in the past decade and are now the largest occupiers of prime space. Bengaluru’s high ranking comes as no surprise. India comes a close second after the US’ Silicon Valley when it comes to gestating start-ups, and Bengaluru is undoubtedly India’s Start-up Capital.”