‘Gurugram among top 5 IT hubs in Asia Pacific’
Gurugram, the second biggest technology hub in India, has also emerged as one of the top five Asian IT- and innovation-hubs due to ease in doing business, good business environment, and growth-supportive cost and availability of office space, finds a report released by real estate consultancy CBRE.
According to the report, titled ‘Programming Asia Pacific’s Tech Cities as Global Tech Hubs’, Gurugram, along with Bengaluru, Shanghai, Singapore and Beijing, has become a preferred and leading destination for a wide range of traditional and new tech companies seeking to establish base in the region.
The report adds that Gurugram has an office stock of 60 million sqft, which is the second highest in the country after Bengaluru (155million sqft) and a large majority of it, in both cities, has been rented by technology and ITeS (IT enabled service) companies. The report finds that the reason for emergence of these two cities as technology hubs in Asia is that they have a deep tech talent pool, cutting edge infrastructure, well-entrenched R&D ecosystem, and the veritable competitive cost advantage.
Anshuman Magazine, chairman and CEO, India, South East Asia, Middle East and Africa, CBRE said, “Improved access to incubator and accelerator programmes and a vast pool of skilled IT talent based in the Delhi-NCR and Bangalore have supported the cultivation of new ideas. Asia Pacific is home to 8.4 million science, technology, engineering and mathematics graduates, out of which 30% are in India, which is huge.”
City’s proximity to the national Capital and an international airport make it an access point for a vast pool of software professionals. The size and quality of its office stock, along with government incentives to the sector, have positioned Gurugram high up on the investor’s radar.
The report further states that Gurugram, which houses some of the biggest global and domestic corporations, is being gauged as an option by many corporate to set up their back-office/front-office operations.
The CBRE study considered around 20 factors under three major criteria – business conditions, innovation environment, and cost and availability. Business conditions referred to the ease of doing business and parameters included government policy, availability of funding and market size and competition. Innovation environment includes the number and scale of start-ups, the quality of education and size of the talent pool, and public and private investment in R&D. Cost and availability are assessed according to occupancy and labour costs for a software engineer along with availability of office buildings and tech parks.