Hyderabad, Chennai and Pune have figured in the list of world's top 10 most affordable office markets, according to a report by property consultant DTZ. Tier II cities in China and India continue to dominate the list of top 10 most affordable markets globally, DTZ said in its report Global Occupancy Costs - Offices.
The report presents the costs of occupying prime office space across 126 markets worldwide. The most affordable office market remains Surabaya (USD 1,610 per workstation per annum), followed by Hyderabad and Chongqing, the report said. Pune and Chennai are at fifth and sixth positions.
London's West End has emerged as the least affordable office market globally, according to the consultant. At USD 23500, London West End has regained its position as the world's most expensive office location in 2012, overtaking Hong Kong which was the least affordable market in last year's report. the report said.
Total occupancy cost is defined as the average total cost of leasing prime net usable space. It includes rents and outgoings, such as maintenance costs and property tax, if these are normally payable by the occupier.
It excludes leasing incentives, such as rent-free periods and fitting-out costs, as well as facilities costs specific to the tenant, such as cleaning or IT. It also excludes amortisation of capital and related expenditure.