Bengaluru to be the fastest growing city in Asia-Pacific in 2023: Oxford Economics -
Bengaluru to be the fastest growing city in Asia-Pacific in 2023: Oxford Economics
Posted 07 Jan 2023 03:50 PM


Watsupptoday Desk

India's Silicon Valley is projected to be the fastest-growing city in the Asia-Pacific region in 2023 followed by Hyderabad. According to Oxford Economics, Bengaluru is projected to most likely continue to outperform its Asia Pacific and Indian peers in terms of growth in 2023, with the information and communication sector as the main driver. Oxford Economics is an independent economic advisory firm founded in Oxford in 1981 as a commercial venture with Oxford University's business college. It has over 300 economists and analysts in 20 offices across the world. Bangalore is likely to give a tough contest to cities like Bangkok, Shanghai, Beijing, Hong Kong, and Tokyo in the fastest-growing Asia Pacific major cities in 2023. As per Oxford Economics' analysis, Bengaluru is expected to grow by more than six percent in 2023. Not just Bangalore, Hyderabad is expected to see a similar kind of growth in 2023. The two South Indian cities have attracted several investments in the manufacturing, and information, and communication sectors. The Oxford Economics report said, While we expect 2023 to be a difficult year for cities in the Asia Pacific region, we still see some bright spots. Notably, we expect cities that are less exposed to weak global trade and those with strength in fast-growing sectors to show some resilience. Furthermore, Chinese cities will probably benefit from a loosening of Covid-19 restrictions in 2023. Besides this, as per CBRE's Asia Pacific flexible office market findings, Bengaluru topped the list of Asia-Pacific region (APAC) cities having the highest flexible stock ahead of 11 major cities. As of September 2022, it recorded 10.6 million sq. ft. (Grade-A Assets), ahead of Shanghai, Beijing, Seoul, Tokyo, and Singapore. Another independent study said that there is robust growth in new supply led by Bengaluru and Hyderabad in office space as well.

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