A report that Sydney is topped only by London and Tokyo for the cost of a parking space in the city makes a free spot at work look even more of a perk.

An increasing number of time-poor executives do not see driving into town as an attractive option. Instead they expect their employer to supply a spot for their bikes.

Antony Cliffe, a senior manager in mergers and acquisitions at Rabobank, abandoned the 40-minute bus ride from Drummoyne into town to ride his bike because it took half as long and it kept him fit.

"Even riding through town isn't so bad," he said.

His spot in the basement of his office is a car space that has been converted by the bank into 20 bike racks, enclosed in a cage.

Unlike a car spot - likely to be close to the Sydney monthly average of $815, according to a survey by the real estate company Colliers International - he does not pay a cent