The commercial real estate is growing double fold across Chennai. According to a report, more than 60 lakh square feet of commercial space exists in the city at this juncture. The increase in traditional businesses is considered to be the reason behind the growth of the real estate in the city.
A number of new businesses are settling in Chennai, including software services, electronic manufacturing, etc. They are contributing to the growth of real estate in Chennai. Accommodation rentals have also increased by 10 percent to 15 percent and the trend is expected to continue for the next three years.
Businesses are making huge transactions in real estate in Chennai, as the city has remained a lot beneficial for the sector in 2019, as compared to 2017 and 2018. Infosys made 2.20 lakh square feet transaction in Pacifica IT Park, while Accenture made a transaction for 2 lakh square feet in Embassy IT Park on Pallavarm link road.
Since 2012, the commercial real estate has been growing gradually in the city and the current year has remained the best of all as the speed has picked up in considerably.
Earlier, Chennai was short on providing quality office space but now a large area of space is available for commercial use. As per the experts, 2020 would be more beneficial for the industry as the boom is expected to continue in the coming years.