Bengaluru, also known as 'Silicon Valley of India', has emerged as the top destination for tech companies and startups, according to a report by real estate advisors Colliers International.
Colliers International is a Canada-based global commercial real estate services organization and the report titled "Top Locations in Asia - Technology Sector", ranked 16 large Asian cities. The capital city of Karnataka not only emerged as the top destination but also piped Singapore and Shenzhen (China). The top three cities got 61 percent or more on the scoring scale.
Colliers International report had checked the listed city's socio-economic strengths, talent pool and other factors before crowing Bengaluru with 68 percent ranking overall. Singapore scored 63 percent while Shenzhen with 61 percent rules as China's technology capital.
Beijing, Hyderabad and Hong Kong were the next three cities after the top trio. In addition to Bengaluru and Hyderabad, Mumbai has also made the top 10 list.
The report also says Bengaluru boasts the largest stock of Grade A office space in Asia after Tokyo. Bengaluru is also said to be the fastest-growing city in Asia in the next five to 10 years offering a wide and deep talent pool.
However, the report also added that Bengaluru's performance in the quality of its office accommodation and infrastructure is underwhelming.
It is no surprise that Bengaluru already serves as a main destination for many IT giants like Infosys, Wipro and others. South Korean multinational conglomerate Samsung has recently taken up 0.4 million sqft in Bengaluru while Swiss MNC Credit Suisse acquired 0.45 million sqft land in the IT capital of India.
Hyderabad is also making significant progress as American multinational investment bank and financial services company JPMorgan Chase signed a 822,000-sqft lease transaction with the Salarpuria Sattva Group in the capital city of Telangana.