As per the report, the top cities in the Asia Pacific who set up offices by technology companies are Bengaluru and Gurugram. This is just because of the better business conditions and just because engineers and real estate are available for growth.
It is also noted that Technology companies continue to fuel office demand in the APAC region, despite the absence of any principal city or cluster of the same status as Silicon Valley. Technology sector accounted for 23 percent of total leasing activity in 2018.
The study has ranked 15 cities of Asia Pacific in three categories based on their performance with regard to business conditions, innovation environment, and cost and availability.
Business conditions and innovation environment were each given a weightage of 40 percent while cost, a relatively less important consideration for tech firms, was given 20 percent weightage.
As per the report: "Leading cities are Beijing, Bengaluru, Shanghai, Singapore, and Gurugram. These cities score highly in terms of business conditions and innovation environment, as well as providing costs and availability that are supportive for the growth of the business."
These cities are preferred destinations for a wide range of traditional and new tech companies seeking to establish a base of operations in the Asia Pacific.
Hyderabad figures in the list of five competent cities along with Hangzhou, Shenzhen, Tokyo, and Seoul. These cities already host tech industry sub-sectors and demonstrate solid performance across most categories.
Five 'supplement cities' are Hong Kong, Hsinchu, Sydney, Taipei, and Auckland. These cities rate favorably on certain important aspects, but their most appropriate role is to serve as host for specific functions to complement larger hubs elsewhere in the region.
India is home to an increasing number of tech unicorns and the Asia Pacific is increasingly defined as the region leading in the rapid adoption of disruptive technology.
"However, there is still room for growth in terms of identifying locations where business conditions, innovation, and talent come together to form a globally competitive digital hub," said Anshuman Magazine, Chairman and CEO, of CBRE India.
Magazine, who also heads South East Asia, Middle East, and Africa business, said improved access to incubator and accelerator programs and a vast pool of skilled IT talent based in Delhi-NCR and Bengaluru have supported the cultivation of new ideas.
The observations were made in CBRE's latest report titled 'Programming Asia Pacific's Tech Cities as Global Tech Hubs'.
Asia Pacific is home to 8.4 million Science, Technology, Engineering and Mathematics (STEM) graduates, out of which 30 percent are in India, which is huge.