NEW YORK CITY—Vietnam has become the world's top outsourcing location for the first time, according to new research from global real estate adviser Cushman & Wakefield.

Published last week, Cushman & Wakefield's comprehensive global report, Where in the World? Business Process Outsourcing (BPO) & Shared Service Location Index, assesses factors likely to affect the successful operation of BPO functions around the world.

“While not the cheapest outsourcing destination, Vietnam is still very competitive when compared to other global locations and wage rises in India and China largely contributed to it surging up the ranking to take first place in 2015,” said Cushman & Wakefield's Head of EMEA and Asia Pacific occupier services, Richard Middleton. “Despite rising costs and concerns that overheating will inevitably lead to further pressure surrounding access to skilled labor, India remains the world's largest BPO destination by market size.”