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Chennai MarketBeat Reports

22/04/2022
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Office: Fresh demand for space and pre-commitments drives a healthy leasing momentum in Chennai. The IT-BPM sector leads the gross leasing activity with 64%, followed by flex space with 16%. In Q1 2022, new entrants, such as Simpliwork and TableSpace, have contributed to leasing traction in the city.

Residential: A modest growth of 3% in new unit launches was seen in Q1 2022 in Chennai, indicating a rebound in activity after adverse weather conditions faced in the previous quarter. Suburban South II emerged as the top micro-market accounting for approximately 60% share of all quarterly launches, followed by the Suburban west submarket with a 20% share in quarterly launches.

Retail: In Q1 2022 a sustained leasing activity was seen in Chennai across the main streets. It was led by main streets in Peripheral South and Peripheral South-West markets accounting for 26% share, followed by Suburban South with 19% share. Retail sentiments are increasing gradually with premium malls gaining footfalls up to 70-80% of pre-COVID levels. Even after negligible fresh leasing activity in malls retailer churn continued in superior grade malls.

Learn more by clicking our most recent Chennai MarketBeat reports below.

CURRENT MARKETBEAT

Office Buildings CBD
Chennai Office Report

Net absorption in Chennai nearly doubled q-o-q basis to 0.53 msf. in Q1 2022. Nearly 50% of completions during this quarter being pre-leased got occupied in this quarter giving health leasing activity. Nearly 14.22 msf. is expected to be added to the city’s inventory in the next 3 years is a promise of growth.

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Shopping Retail
Chennai Retail Report

In Q1 2022 malls had negligible leasing activity in Chennai, vacancy remained unchanged on a q-o-q basis and stood at 7.55%. Fashion & apparel accounted for 45% of leasing activity, followed by CDIT with 23% and accessories & lifestyle with 12%. Fine dining spaces changed their strategy by opting for smaller spaces instead of larger outlets.

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Warehouse Internal Rack
Chennai Residential Report

A steady demand for mid-segment projects amongst end-users was seen in Chennai, along with a q-o-q rise of 27% in launches for the same. Average property prices remained the same in Q1 2022, a rise is expected in medium-term due to the decline in new launches and rising demand.

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Warehouse Internal Rack
India Investment Report

Besides the slow rate of growth at 5.4% y-o-y, the Indian economy remained the fastest-growing major economy globally in Q1 2022. This quarter also recorded a private equity investment of INR 57.9 bn., a decline of 38.4% q-o-q but with a promise of picking up pace in coming quarters.

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Warehouse Internal Rack
Chennai Industrial Report

Demand for residential land parcels has picked up pace in Chennai, as has been observed with a rise in the outright purchase of land during H2. Chennai recorded annual warehouse leasing of 3.74 MSF in 2021 a rise of 18% when compared to 2020. The majority of the demand was from 3PL players who contributed 61% of the lease volume recorded in H2 followed by manufacturing majors at 32%.

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