In Pic: IT park, Chennai
"Most deals were for small to medium-sized office spaces and rental values remained stable across all micro-markets during the quarter," said the study titled 'India Office MarketView Report - Q4 2017', by real estate consulting firm CBRE South Asia Pvt. Ltd.
On an annual basis, the southern cities of Chennai, Bengaluru and Hyderabad witnessed a rental increment across almost all micro-markets. The share of global corporates operating in the country also increased during the year.
Ameeth Raja, senior director, advisory and transaction services, India, CBRE South Asia. said, "Chennai’s office market has recorded strong momentum this past year despite limited availability of Grade A supply in preferred micro-markets. Key micro-markets in the city continue to witness consistent demand from global and domestic occupiers."
"With various infrastructure initiatives underway, connectivity is improving. This is providing an impetus to peripheral districts in the city which are seeing renewed interest for office space by corporates looking for cost effective options. Several Grade A office projects have been announced for the city with a number of them having commenced construction already," he added.
This development will significantly transform the outlook for the city as it gears up for consolidation and expansion requirements from large occupiers, Raja further said.
On an annual basis, the southern cities of Chennai, Bengaluru and Hyderabad witnessed a rental increment across almost all micro-markets. The share of global corporates operating in the country also increased during the year.
Ameeth Raja, senior director, advisory and transaction services, India, CBRE South Asia. said, "Chennai’s office market has recorded strong momentum this past year despite limited availability of Grade A supply in preferred micro-markets. Key micro-markets in the city continue to witness consistent demand from global and domestic occupiers."
"With various infrastructure initiatives underway, connectivity is improving. This is providing an impetus to peripheral districts in the city which are seeing renewed interest for office space by corporates looking for cost effective options. Several Grade A office projects have been announced for the city with a number of them having commenced construction already," he added.
This development will significantly transform the outlook for the city as it gears up for consolidation and expansion requirements from large occupiers, Raja further said.
