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Chennai commercial space decilne

Comments(4) Sub Category:Chennai,Commercial Real estate Posted On: Sep 21, 2012

Chennai commercial space seems to have taken a hit due to uncertain global market conditions.

According to Knight Frank India, the Information Technology(IT) sector has witnessed a decline on the use of commercial office space in Chennai. The office market in Chennai is predominantly covered by the IT and IT-enabled services sector.

In the first quarter of 2011-12, out of the total 1.20 million square foot absorbed, 75 per cent was contributed from the IT and ITeS sector, whereas in the first quarter of this financial year, share of IT and ITeS sector has declined to 48 per cent due to the uncertain global market conditions.

To read more real estate news:

Expats in Singapore showing interest in Indian real estate market

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