Bangalore ranks 12th Among World's 20 most Tech-Rich Cities

Bangalore makes a place in the top twenty technology rich cities of the globe according to the world property consultancy firm, Jones Lang LaSalle (JLL) - A report.

There is good news for the residents of Bangalore as the city has already made its place in the top twenty technology-rich cities of the globe. Earlier the city as surveyed by an international exhibition company based in Dubai ranked Bangalore as 22nd in the top twenty five preferred realty destinations in South Asia. In a survey conducted by a global property consultant, Jones Lang LaSalle (JLL) Bangalore was ranked 12th in the top global twenty tech-rich cities. London, San Jose followed by Beijing are topping the list respectively as the most tech-rich cities of the world. Bangalore has also climbed up to 12th position is what the Bangaloreans and the Indians should be proud of.

The survey firm reported that powered by a fast economic growth, investment in the infrastructure, increasing number of start-ups with a noted supply of office space with commercial and real estate development has made the city come into the global map and take its place in the twenty top cities.

This has happened, opines the survey firm as there has been considerable influx of industry majors of the world who has eyed Bangalore and has outsourced or established their offices here.

The survey company included new variables this year in conducting the survey and to assess the dynamism and the competitive nature of cities. They opined that Bangalore has performed quite well as the city tops in the number of patent application in the nation along with start-ups as well. Bangalore accounts for almost three fourths or even more of the nation’s startups according to another survey which is quite impressive. The increase in the number of the start-ups in the city has helped the city to score higher in terms of innovation over last year’s figures. The figures of Venture capital funding and the strength of innovation have also helped to improve its scores in the survey report.

In infrastructure as well Bangalore ranked well due to the construction of Metro, so many flyovers and roads and improvement of the transport system. This has helped the Foreign Direct Investment (FDI) to increase and estimates say that it will reach 8 percent this year placing Bangalore among the fastest growing cities of the globe. This is also coupled with world’s highest level of absorption of office space and the increase of its construction and rental demand. It is understood and the data also points that the office space absorption is happening due to the increased demand from the IT sector and the IT- Enabled sector which is the highest in terms of absorption in the Asia Pacific region as per the survey firm, JLL. The survey also pointed out that Bangalore would add another 12 million square feet of office space in 2015-2016 with a 5 to 10 percent increase in the rental demands of the office space in the city.

JLL also pointed out that outside the top twenty cities of the world the Indian cities like Delhi and Mumbai are also following suit in terms of increase in the momentum of economic growth and the demand for the prime office space as well.

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