New Delhi: Delhi-NCR is ranked 84th in the list of most expensive office locations in the world with an annual cost of USD 5,392 (over Rs 3.5 lakh) per workstation, according to property consultant Cushman & Wakefield.
Hong Kong emerged as the most expensive location with an annual cost of USD 27,431 per workstation, followed by London and Tokyo, the consultant said in its report ‘Office Space Across the World 2017’ that evaluated 215 global locations.
“Delhi-NCR is ranked 84th in the global stacking of most expensive office locations. Rest of the India office markets ranked below 100, making Indian office markets one of the most affordable in the world,” the consultant said.
Delhi–NCR emerged as the most expensive office location in India, costing almost Rs 430 per sq ft per month, taking the cost of each workstation to over Rs 3,51,008 per annum.
“Indian office spaces are competitive globally in terms of price design and desk space. This coupled with strong talent pool, provides for winning combination for entry and expansion of global companies in India,” Cushman & Wakefield India Country Head and Managing Director Anshul Jain said.
In India, the office space leasing is largely led by the service sector, he said, adding that the growing trend of startups has also contributed towards creating jobs as well as office leasing.
Each workstation space in Gurgaon central business district (CBD) costs Rs 100,800 per annum (USD 1,549), the report said.
In India, Mumbai’s Bandra-Kurla Complex (BKC) was the second most expensive location with rental costs of over Rs 2,00,000 per annum per workstation. Mumbai’s BKC ranked 163rd in the global list. Kolkata’s CBD was at 207th position, followed by Pune’s CBD (210), Chennai’s suburban south (211), Bengaluru’s outer ring road (213), Hyderabad’s Madhapur (214) and Ahmedabad’s SG Highway (215).
The report ranked occupancy costs per workstation (including base rents and common area maintenance charges) and workplace densities for newly developed or refurbished office space globally.