Occupancy costs per workstation are one of the lowest in Indian cities as they remain to be the most affordable and attractive in the world for office occupiers.
An evaluation of 215 global prime office markets by Cushman & Wakefield reported the cities based on the occupancy costs including base rents, maintenance charges and workplace densities for newly developed or occupied office space globally.
Hong Kong topped as the most expensive with workstation costs of $27,431 per annum, while Mumbai ranks at 163 with cost of $3,166 in Bandra-Kurla Complex.For the same cost of accommodating 100 staff in a Hong Kong office, 300 can be accommodated in Toronto and 900 in Mumbai. Hong Kong is followed by London and Tokyo.
In India, Delhi – NCR has emerged as the most expensive office location (84th globally) and rest of the Indian office markets ranked below 100th position, making them one of the most affordable in the world.
Indian office spaces are world-class in terms of price, design and desk space. Availability of huge talent pool provides a winning combination for entry and expansion of MNCs in India.
Office space absorption in Indian cities is largely led by the services sector with IT-BPM making close to 50% of total office space requirements. The growing trend of Start – ups in India is also contributing in creating employment as well as office absorption.
However, office rentals continue to be on the rise on account of consistent demand from IT/ ITeS and other sectors.
Ranks of Indian Cities
|Name||Global Rank (out of 215)||Indian Rank|
|Delhi – NCR||84||1|