Bangalore takes top spot in JLL’s City Momentum Index for
Asia Pacific
Innovation-rich cities
dominate rankings in real estate firm’s new report
India’s Bangalore 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.
“Bangalore
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 percent 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 Bangalore is joined by Hyderabad. Globally,
Bangalore ranks fourth after London, Silicon Valley and Dublin.
 |
| Anuj Puri, Chairman and Country head, JLL India |
“The findings follow India’s rapid economic
growth and a general positive outlook about the country’s future,” says 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. Bangalore’s high
ranking comes as no surprise. India comes a close second after US’ Silicon
Valley when it comes to gestating start-ups, and Bangalore is indubitably
India’s Start-up Capital.”
JLL’s
City Momentum Index covers 120 major established and emerging business hubs
across the globe. It tracks a city’s short-term socio-economic and real estate
momentum, in combination with measures of whether a city has the longer-term foundations
for success.
Among
the top 20, Asia Pacific accounts for the largest share with 11 cities among
the world’s most dynamic urban economies. These include ‘Established World
City’ Tokyo, and ‘Challengers’ or cities competing for global reach and
influence, such as Sydney, Seoul and Shanghai. The top 20 also includes ‘New
World Cities’ such as Auckland.
A
key feature of this year’s top 20 cities in the index is the overwhelming
dominance of innovation-rich cities, says Kelly.
“JLL
has long emphasised that city momentum involves far more than just raw GDP
growth – it is crucially about building the foundations of an
innovation-oriented economy through technology, creating cutting-edge new
businesses, attracting talent and nurturing vibrant inclusive communities,” he
adds.
China’s
cities in the Top 20 include those moving into higher-value activities and
building the foundations for new forms of economic activity in terms of
innovation, infrastructure and connectivity. These include Shanghai, Beijing
and Shenzhen, according to the report.
City Momentum Index Top 10 in Asia Pacific
1. Bangalore
2. Shanghai
3. Sydney
4. Beijing
5. Shenzhen
6. Tokyo
7. Nanjing
8. Hyderabad
9. Melbourne
10. Seoul
For media contact
Mr. Arun
Chitnis
Head
– Corporate Communications & Media Relations
JLL
India
Pune
411001.
Tel:
(020) 30930441 Fax: (020) 40196101
Mob:
+91 9657129999
Twitter: @JLLIndia
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