KOCHI: In a report that could bring cheer to techies in Kerala, real estate consultant CBRE has termed Kochi an emerging IT destination in the country.
According to the report, the growing demand for office space, especially in the IT sector, is a clear sign the city is all set to become the next technology hub. “The growth of the IT sector, coupled with infrastructure initiatives by the government and availability of space, has made Kochi an attractive option for corporates planning to expand their business in South India,” said CBRE in the report titled ‘God’s Own Country Kochi, India’s Emerging Real Estate Hub.’
It stated the stock of investment-grade office space in Kochi had doubled from less than 5 million sq ft in 2012. As per estimates, total office space will cross 15 million sq ft by 2019. “The majority of the demand is from players in the IT Sector. Kochi, with its low manpower cost, stable political environment and robust infrastructure, is fast evolving into a preferred location for corporates for expansion,” stated the report, citing the various incentives offered by the government, including single-window clearance, concessional power tariff and sops for green buildings.
Ram Chandnani, managing director of CBRE South Asia (Advisory and Transaction Services-India) said, “Over the past few years, Kochi has emerged as an attractive location for corporates willing to expand their business in South India."