One of the top-notch real estate markets of the country, having extraordinary sea-line and the second most favored residential destination having a sea-line after Mumbai, Chennai stands the best commercial destination serving tremendous demand of the commercial giants and industrial hotshots in the country. The uproar of the real estate market across the country has significantly influenced the Chennai real estate, especially the commercial real estate.Commercial OverviewYear 2013 has been sort of gone in struggle for the Chennai commercial real estate market, actually for overall real estate market of Chennai. Country has been suffering from economic turmoil and it has significantly affected the real estate market of the country affecting market sentiments and growth factors. Chennai’s office market observed all time low transaction during the past year due to negative market sentiments. IT/ITeS sector has been the lone savior of the Chennai’s commercial real estate market. Although earlier Chennai was predicted to have transaction worth around 3 million square feet, but by the end of the year Chennai office market witnessed about 3.5 million square feet which was substantially dropped by about 15 per cent from the previous year’s transactions. The Chennai’s office market has proved to the most active during the 2011 witnessing about 4.5 million square feet office space transactions with about 45 per cent overall hike from the preceding year.The first half of 2013 witnessed less real estate traction than the second half of 2013; this was mainly attributed to limited new office space supply in the market and lowered total absorption in the market.IT/ITeS sector has significantly affected the transaction in 2013, with the share of about 70 per cent which has marked a great come back of the sector in 2013. The top most absorption observed from the IT/ITeS sector were observed from giants like Microsoft, TCS, Cisco, Mindtree consulting, and Siemens etc. The BFSI sector remained gradually declining during the period of the past two years while manufacturing sector also observed constant decline in the past few years. Other service sectors li8ke media, telecom, aviation, e-commerce, healthcare etc have witnessed gradual increase in their shares but in 2013 the share of these industry observed to be lowered than the previous year.Geographical overviewExcellent connectivity and strategic location has served the best for Central Business District (CBD) and Off- Central Business District (Off-CBD) markets of the city which made region the most favored office market in the city. Mid and small sized IT/ITeS companies and other service sector companies preferred the CBD and Off-CDB region to set up their offices in Chennai. Some of the key occupiers in the CBD and Off-CBD include companies like Microsoft, Frost & Sullivan etc.Secondary Business District (SBD) has been the most ideal office space location in the city as it offers the quality of office spaces along with proximity to the central region, and an easy access to the airport. SBD shared about less percent of the total office transactions in the city in 2013 compared to its 2011’s office space transaction. SBD OMR has been emerged as a much proffered office destination for IT/ITeS sector due to easy access to the Airport, proximity to the city center, high quality office buildings and affordable rental values. SBD OMR accounted for about 42 per cent of the office space absorption in 2013 due to various aiding factors for the commercial real estate. Prominent IT Parks in Chennai like TRIL Infopark, Prince Infocity, and Ascendas IT Park etc. have been the major contributors in the absorption in SBD OMR region.The office space traction of Chennai has been suffering majorly through economic slowdown in the country which has highly influenced the commercial real estate market of the city. The next year will continue to be the same with lower new supply and lower absorption but in the second half of the year it is possible that Chennai may see some respite in the real estate market, especially in office space market.займ на карту без отказов круглосуточновзять кредит онлайн