B'luru tops in Asia Pacific on commercial realty growth

 Bengaluru is ranked first in the Asia Pacific region in terms of the city’s socio-economic growth and momentum in the commercial real estate space, according to property consultant JLL.

Globally, Bengaluru ranks fourth after London, Silicon Valley and Dublin, JLL India said in a statement. Hyderabad is at 17th position in the global ranking.

“India’s Bengaluru tops the JLL City Momentum Index (CMI) rankings for Asia Pacific, as the city’s rapid progress in technology and global connectivity helped drive real estate growth,” JLL said.

In the list of top 10 cities in Asia Pacific, Shanghai is at second position, followed by Sydney, Beijing, Shenzhen, Tokyo, Nanjing, Hyderabad, Melbourne and Seoul.

Covering 120 major established and emerging business hubs across the globe, the index measures a city’s short-term socio-economic and commercial real estate momentum. It also takes in account whether a city has the essential ingredients to ensure longer-term sustainable momentum.

“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,” says 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,” Kelly said.