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Five Indian cities of Hyderabad, Chennai, Pune, Bangalore and Kolkata are among the top 10 least expensive office space markets in the world, according to latest findings of DTZ Global Research.
According to the report, Hyderabad has overtaken Surabaya (Indonesia) as world’s least expensive office space market. Chennai, however, retains its position as world’s third least expensive office space market. Pune and Bangalore occupy fourth and fifth position respectively in least expensive office space market ladder, says DTZ. Kolkata has entered the list of world's top 10 least expensive office space market.
DTZ says that Indian tier II markets will continue to offer occupiers the world’s most affordable office space.
"Occupancy costs and productivity are positively correlated in most South Asian markets, implying that office space is fairly priced within the region," it said.
Meanwhile, Mumbai stands as the sixth most expensive office space market in the world, while Delhi is at 20th position.