{"id":20699,"date":"2013-07-22T15:46:13","date_gmt":"2013-07-22T10:16:13","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=20699"},"modified":"2020-06-15T03:53:48","modified_gmt":"2020-06-14T22:23:48","slug":"20699-chennai-commercial-traction-2013","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/20699-chennai-commercial-traction-2013\/","title":{"rendered":"Chennai commercial Traction-2013"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-20700\" alt=\"office-space\" src=\"https:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2013\/07\/officespacenew.jpg\" width=\"300\" height=\"250\" \/>Chennai is growing as most important industrial hub in the Southern India which has witnessed emergence of various manufacturing industries. The growth of the IT\/ITeS sector in Chennai has proportionately affected the overall growth of the city. IT\/ITeS sector has been majorly influenced with support of favorable Government policies, excellent infrastructure, and availability of talent pools. Many multinational companies are setting up their global delivery centers in the city. Increasing demands in the commercial real estate of the city has led to the emergence of suburban and peripheral business districts.IT\/ITeS sector has been the major office occupier in Chennai with about 56 per cent of absorption. After IT\/ITeS sector, Manufacturing and BFSI sectors are some of the biggest contributors in absorption with a record of 20 per cent and 10 per cent respectively. Consulting, telecom, shipping and infrastructure these service industries occupied about 11 percent of total absorption. Chennai has witnessed emergence of various manufacturing industries in the past decade such as auto and auto ancillary, electronic hardware, apparel and engineering which has made Chennai the most dynamic office space market.<b>Chennai office space market<\/b><b>Past analysis<\/b><\/p>\n<ul>\n<li>Till the end of the year 2012 the total stock of office space in Chennai was recorded at 49.8 million sq ft. about 25 per cent of the stock remained vacant which resulted in 37.4 million sq ft of total absorption in 2012.<\/li>\n<li>In 2009, Chennai office market witnessed peak vacancy at 28 percent which later lowered to 23 percent in 2011.<\/li>\n<li>The steady demand and restricted supply has resulted in temporary maintained market in 2009 to 2011.<\/li>\n<li>Rental movement remained tapered from 2009 to 2012 in most micro markets.<\/li>\n<\/ul>\n<p><b>Future predictions<\/b><\/p>\n<ul>\n<li>IT\/ITeS will lead the office space market of Chennai with high demand. Manufacturing and other service sectors will also be the important demand drivers.<\/li>\n<li>The absorption of 24.9 million sq ft is estimated from 2013 to 2017<\/li>\n<li>Approximately 25.1 million sq ft of new supply will come online in next five years in Chennai office market.<\/li>\n<li>The emergence of peripheral districts will ensure a constant supply of the office space as it has the availability of large land parcels.<\/li>\n<li>The growth of the Chennai office market will observe regular and steady new supply followed by stable absorption from various business sectors<\/li>\n<li>The vacancy level will be reduced to about 17 per cent by 2017.<\/li>\n<li>Business transactions will increase in the peripheral business districts in next few years.<\/li>\n<\/ul>\n<p>In current situation, Chennai office space market is divided into several sub markets depending on the business activities such as CBD and Off-CBD, SBD OMR, PBD OMR and GST and PBD Ambattur.Overview each Sub office market in Chennai<b>Central Business District and Off-Central Business District (CBD and Off CBD)<\/b><\/p>\n<ul>\n<li>Anna Salai, RK Salai, Nungambakkam, Greams Road, Egmore and T Nagar are some of the prominent locations in CBD and Off-CBD sub market.<b><\/b><\/li>\n<li>Most of the office buildings in this sub market are constructed before 2005 and have a built-up area of less than 1, 00,000 sq ft.<b><\/b><\/li>\n<li>The major tenants of this sub market are manufacturing, BFSI and other service sectors with small and mid sized IT\/ITeS companies.<b><\/b><\/li>\n<li>The CBD and Off-CBD market witnessed vacancy levels of 14 percent with 7.8 million sq ft of absorption out of the 9.1 million sq ft available supply.<b><\/b><\/li>\n<li>The rental value in CBD and Off-CBD sub market has increased to Rs 60-75 per sq ft per months in 2012 from Rs 55-65 per sq ft per months in 2009.<b><\/b><\/li>\n<li>The vacancy levels in CBD and Off-CBD submarkets have risen since several new projects have been launched in year 2012.<b><\/b><\/li>\n<li>Small and mid-sized IT\/ITeS companies are migrating towards the SBD and PBD sub markets which will constitute CBD and off-CBD sub market as non IT\/ITeS occupiers market in future.<b><\/b><\/li>\n<li>With more and more occupiers migrating towards SBD and PBD the rise in the rentals will be restricted.<b><\/b><\/li>\n<li>The proposed projects such as metro and mono rail will reduce the distance between CBD &amp; Off-CBD and SBD submarkets and will lead to increased activities in CBD &amp; Off-CBD submarket.<b><\/b><\/li>\n<li>The current capital value in this sub market is in the range of Rs 7200-9000 per sq ft and it is predicted that in next five years this will raise to the range of Rs 9500-12000 per sq ft<b>.<\/b><\/li>\n<\/ul>\n<p><b>Secondary Business District (SBD)<\/b><\/p>\n<ul>\n<li>CBD and Off-CBD market\u2019s limited space and high rental values have resulted in the emergence of SBD and SBD OMR in the Chennai office market.<\/li>\n<li>DLF IT park and Guindy Industrial Estate are the major office space developments in the SBD Market<\/li>\n<li>The SBD market possesses healthy blend of diverse occupations ranging from IT\/ITeS, manufacturing and other service sectors.<\/li>\n<li>In past ten years, developments like DLF IT SEZ, Olympia Technology Park and Tamaria Tech Park has made SBD the most preferred office destination.<\/li>\n<li>SBD observed 8.5 million sq ft of new supply and 6.3 million sq ft of absorption and vacancy level of 26 per cent.<\/li>\n<li>At current capital value in SBD is in the range of Rs 5400-6600 per sq ft which will increase to Rs 7100-8700 in 2017.<\/li>\n<\/ul>\n<p><b>Secondary Business District -Old Mahabalipuram Road (SBD-OMR)<\/b><\/p>\n<ul>\n<li>The SBD-OMR has emerged as the IT-corridor of Chennai city with favorable state government policies, rapid infrastructure development and availability of large land parcels.<\/li>\n<li>The SBD-OMR has the strategic advantage of being in the proximity of city\u2019s centre along with easy access to the airport and affordable rates which made SBD-OMR the most sought after IT\/ITeS office Destination.<\/li>\n<li>The total new supply in the SBD-OMR was recorded at 13.1 million sq ft and the vacancy level of 19 percent.<\/li>\n<li>The areas around Perungudi toll plaza has been the top most location in terms of the office space demand as it serves as the closest location to the city centre with well established infrastructure.<\/li>\n<li>The capital value in the SBD-OMR is expected to increase to the range of Rs 6300-8700 per sq ft by 2017 which currently is in the range of Rs 4800-6600 per sq ft.<\/li>\n<\/ul>\n<p><b>Peripheral Business District (PBD) OMR and GST road<\/b><\/p>\n<ul>\n<li>ELCOT SEZ, SIPCOT SEZ and Mahindra World City are the major office hubs of PDB OMR and GST sub market<\/li>\n<li>This submarket also has a great advantage of being in close vicinity to the city\u2019s center and has major occupiers like the large IT\/ITeS companies.<\/li>\n<li>The lack of social infrastructure the primary occupiers in this submarket are restricted to the large IT\/ITeS companies.<\/li>\n<li>Total stock of 15.8 million sq ft was observed in the PBD OMR and GST with a vacancy of 38 percent since only 9.8 million sq ft of absorption was observed in this region.<\/li>\n<li>IT\/ITeS boom in the SBD OMR has majorly influenced the office market of this sub market.<\/li>\n<li>Capital value in PBD OMR and GST submarket is currently in the range of Rs 3300-4200 per sq ft which is predicted to rise to Rs 4300-5400 per sq ft by 2017.<\/li>\n<\/ul>\n<p><b>Peripheral Business District (PBD)-Ambattur<\/b><\/p>\n<ul>\n<li>PBD Ambattur is the prominently small office market of Chennai which caters largely to the IT\/ITeS Sector<\/li>\n<li>Total office space in PBD Ambattur is of 3.3 million sq ft with the vacancy level of 14 per cent.<\/li>\n<li>The PBD-Ambattur sub market has observed steady increase in the past four years and the vacancy level has reduced to 14 per cent in 2012 from 40 per cent in 2009<\/li>\n<li>The PBD is trying to make its way in the office market of Chennai but lack of infrastructure and demand has resulted in a low absorption rate<\/li>\n<li>Capital values at current are in the range of 3100-3800 per sq ft which is predicted to rise to the range of Rs 3700-4600 per sq ft by 2017<\/li>\n<\/ul>\n<p>The emergence of SBD and PBD sub markets has affected the central business district office market. Central business district will remain steady with almost equal new supply and absorption in next year. The SBD and PBD will dominate Chennai office market for next few years with major influence of IT\/ITeS sector. On the other hand, Ambattur business district will continue to be the least important sub market in the city.<span style=\"left:100%;display:inline-block;position:fixed\"><a href=\"http:\/\/rusbankinfo.ru\/\">\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a><a href=\"http:\/\/rusbankinfo.ru\/credits.html\">\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chennai is growing as most important industrial hub in the Southern India which has witnessed emergence of various manufacturing industries. The growth of the IT\/ITeS sector in Chennai has proportionately affected the overall growth of the city. IT\/ITeS sector has been majorly influenced with support of favorable Government policies, excellent infrastructure, and availability of talent [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20699","post","type-post","status-publish","format-standard","hentry","category-prop-trendz"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chennai commercial Traction-2013 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bharatestates.com\/blog\/20699-chennai-commercial-traction-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chennai commercial Traction-2013 -\" \/>\n<meta property=\"og:description\" content=\"Chennai is growing as most important industrial hub in the Southern India which has witnessed emergence of various manufacturing industries. 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