From Jaipur to Coimbatore, 9 emerging markets drive corporate migration beyond metros

Mumbai, Nov 10 (IANS) With a combined economy of nearly Rs 10 lakh crore, nine emerging markets in India now command an impressive 70 million square feet of Grade A office space, alongside 80 million square feet of logistics infrastructure -- delivering quantifiable advantages driving corporate migration beyond metros, a report showed on Monday.

From the northern region, Jaipur and Lucknow are witnessing exceptional corporate traction. Jaipur, historically a hub for tourism, jewellery and garment industries, has evolved into a technology destination with major IT companies, according to a JLL report.

The city’s improved connectivity through its international airport and the new Delhi-Mumbai Expressway, combined with its robust talent pool from coaching hubs and fresh graduates, positions it for strong growth across residential, retail, and warehousing sectors.

Lucknow, as Uttar Pradesh’s capital, leverages excellent infrastructure and progressive leadership to attract industrial investments, including defence manufacturing.

According to the report, the city anticipates robust commercial inventory over the next 3-4 years. The formation of a State Capital Region (SCR) encompassing Lucknow and five adjoining districts, modelled on Delhi's NCR, will drive unprecedented growth.

Coimbatore, dubbed the 'Manchester of South India,' stands as the state’s second-largest city by GDP, manufacturing, and IT output after Chennai.

This fast-growing tier 2 destination offers immense talent availability across sectors while maintaining the safest environment for women employment.

“The city’s rapid infrastructure development includes metro rail, outer ring road, and smart city initiatives, supported by the state’s latest approved master plan. Its strengths in hospitality, education, medical tourism, and manufacturing create a comprehensive business ecosystem,” said the report.

Kochi demonstrates unique connectivity advantages with all transportation modes including India’s first trans-shipment facility at Vallarpadam Terminal.

As India’s primary internet gateway hosting international undersea cable systems, Kochi provides high-speed connectivity at lower operational costs. The world’s largest electric boat metro system and Phase 2 metro rail construction connecting CBD to Infopark underscore its infrastructure leadership.

“Bhubaneswar emerges among India’s most progressive Smart Cities, anchored by a strong education ecosystem including IIT, AIIMS, and NISER. High liveability, safety, and governance rankings strengthen its appeal to occupiers and investors,” according to the report.

Dr Samantak Das, Chief Economist and Head of Research and REIS, JLL India, said this is a structural rebalancing of India’s economic geography. “These nine cities are not just future promises; they are established economic forces,” Das mentioned.

Guwahati functions as the economic gateway to eight northeastern states and the India-ASEAN trade corridor.

Strong infrastructure expansion through Bharatmala highway projects, airport expansion, and logistics parks at Amingaon and Changsari, supported by Assam’s Industrial and Investment Policy, attracts warehousing, FMCG, and e-commerce operators. The city’s regional logistics hub status drives Grade A warehousing and organised retail absorption.

Occupiers can implement multi-tier location strategies to capture quantified talent advantages of 20-35 per cent cost savings and 15 per cent lower attrition rates, while investors should target higher yields and capital appreciation in these pre-maturity markets backed by over 25 million consumer base, the report added.

—IANS

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