Chennai office market boosted by diverse sectors
Chennai office market has changed in nature as it has shifted from being absolutely IT/ITES dominated to more diversified occupier base.
According to a survey by Knight Frank India, emergence of newer sectors have boosted the city’s office market. Although IT/ITES sector continues to be affected by economic constraints, leasing levels should remain firm and not decline drastically. Rental values are expected to remain constant.
Prominent engineering firms like L&T, Dorschel and Lloyds have contributed towards the increase in office space absorption in Q1FY 2013.
Some of the key occupiers in the central business district (CBD) include companies such as RRKR Steel, Artha Money, Lloyds, Mitsubhishi and Emaar MGF. Along with them, India Cements, Aditya Birla Group, Emerio Technologies, Bank of New York and Intechi Data are the other prominent occupiers.
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