Rental value for office space in Chennai remains constant
Chennai’s office market is stable and there is no increase to the last year’s activity levels. This commercial market is especially driven by the demand from ITES or IT comapanies.
According to property consultant, vacancy level is decreasing and there is an inch rise in the rental values in selected areas. According to the range from 8-11 percent per annum, the supply to investors remain the same depending on the critaria like lock-in period, project size and tenant.
The industry is expecting betterment through discussions on mono rail, metro rail and good connectivity levels in peripheral areas and suburbs. This will help in further to improve the overall growth of the real estate sector in the city.
The commercial property sector is eagerly waiting for the green signal from the civic body to allow usage of IT space for non-IT sector. Once they get approval by the government, it is expected that vacancy levels will further come down and developers will start generating income from their properties. Also, Bangalore have granted mixed work with advancements in selected regions in the city.
Approvals, Chennai, Civic body, Commercial Property, Connectivity, Developers, Government, lock-in period, metro rail, mono rail, Office space, project size, Real Estate Sector, rental values, Suburbs, Tenant, vacancy level
