Bangalore, Mumbai, NCR tops office locations for startups
Bangalore, Mumbai and the National Capital Region (NCR) tops the list of preferred office destinations for startups in India, according to a report by CBRE. Even within these cities, top locations include HSR Layout, Indira Nagar and Koramangala in Bangalore; Powai in Mumbai; and Sohna Road, Udyog Vihar, and Sectors 32 and 44 in Gurgaon.
According to the report, nearly 65% of startups in India are based out of these top three cities. In fact, Bangalore has been ranked 15th in the ‘Global Startup Ecosystem Ranking’ for its innovative culture, diversity of its startups and strong interest from venture capital funds. This is followed by Hyderabad, Chennai, Pune, Jaipur and Ahmedabad.
Corporate Real Estate (CRE) strategies can shape overall business direction and add long-term value to a startup. Moreover, with increased competition, startups are seeking new ways to enhance profitability and reduce costs. While finalizing office space requirements, startups in India should focus on the three fundamentals of cost, location and flexibility. This should be followed by other factors such as support services and proximity to social infrastructure.
India’s strong macro-economic and demographic fundamentals has made it a popular destination for startups. According to a NASSCOM, India has the third largest base of startups in the world, only after USA and UK.