Surabaya, Indonesia has topped the list for the most affordable office space, followed by Hyderabad, India and Chongqing, China.
It would cost companies US$1,610 (S$1,988) per workstation per annum in Surabaya, US$2,280 (S$2,816) in Hyderabad and US$2,300 (S$2,841) in Chongqing.
Kuala Lumpur, Malaysia ranked 29th at US$4,290 (S$5,299), with Singapore and Hong Kong not making the top 50 list.
The report noted global occupancy costs are projected to rise by an average of 2.3% over the next two years in the APAC region, with the highest growth in north and south Asia.
Regionally, Jakarta (11.9%) and Beijing (10.7%) are set to see the strongest cost increase over the next two years, while Singapore saw the biggest decrease in cost (4.4%) in South Asia over the past year. Occupancy cost is also expected to drop in the city state by 0.7% over the next two years.
“However, it should be noted that island-wide vacancy rates in Singapore are currently at their lowest level since 2008, and we expect costs to rise steadily in the long term,” the report said.