Chennai office Mart rentals remain stable
Chennai’s CBD areas observed a downfall in demand for smaller and medium format office spaces with the absorption recorded at around 44,000 sq ft, during third quarter predominantly.
The Suburban Business District (SBD) including areas such as Velachery, Perungudi and Mount Poonamallee Road have witnessed restrained demand levels for office space, with absorption recorded at around 41,000 sq ft. There was no new addition of office supply to the existing stock.
According to sources, central and secondary business districts are expected to witness marginal rental appreciation due to negligible supply addition. Most of the office demand in the city will continue to be dominated by IT and back-office operations. However, rental values remained stable in the non-IT/commercial segment. It is said that vacancy levels declined marginally to 6-7 per cent during the present quarter.
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