Lack of high quality office space is pushing up rentals in key business districts across the city . Rentals are up between 10% and 12% over the past two quarters, in prime locations like the Ramanujam IT Park, Ascendas and other prominent business destinations.
Chennai’s real estate market attracts 4.5 and 5 million square feet worth deals every year. The city was perceived to have excess office space inventory till 2013-14. Upon stoppage of additional office space, the inventory has reduced sharply.
Read more: Economic Times
