The Chennai office space market, which has been seeing a stable demand of an average of 3.8 million to 4 million square feet a year, has seen a record demand of 5.2 million sq ft in 2015. With the demand expected to keep up the pace, lack of equivalent development in the supply side could create increase in lease/rental charges, said Sarita Hunt, managing director – Chennai of JLL India.
The Chennai office space market was of 54 million square feet with 12.6 per cent vacancy, which is higher than the 4.8 per cent vacancy in 93 million square feet market in Bengaluru, 9.9 per cent vacancy in 37 million square feet market in Hyderabad, according to the JLL data.
Read More: Business Standard
