Learn more by clicking our most recent Chennai MarketBeat reports on the various sectors below.
Chennai MarketBeat Reports
06/04/2023
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
CURRENT MARKETBEAT
Chennai Office Report
The city recorded a gross leasing volume of 1.6 million square feet (msf) in Q2-2023, with a significant drop of 24% compared to the previous quarter. Fresh leasing accounted for nearly 89% of the quarterly leasing activity, experiencing a remarkable 78% year-on-year increase. Despite an increase in vacancy levels due to new supply, the city experienced healthy net absorption.
Chennai Retail Report
Strong leasing activity was recorded at main streets in Chennai, with a 30% q-o-q growth. Departmental stores dominated main street leasing, while the F&B sector led leasing activity in malls. Mall vacancy rates slightly decreased, and marginal rental growth is anticipated in the near term due to limited space availability.
Chennai Residential Report
Chennai witnessed healthy residential unit launches in Q2 2023, driven by Suburban South II submarkets. Mid-segment properties dominated with a 53% share, while high-end and luxury segments saw significant growth as well. Marginal price rise was observed, and demand remained strong along metro corridors due to improved infrastructure.
Chennai Industrial Report
The warehouse leasing market in Chennai experienced robust growth in H1 2023 compared to H1 2022. The primary driver was the logistics sector accounting for 69% share, followed by engineering & manufacturing at 26%. Strong demand for warehouse space resulted in a rental appreciation of 29% on a y-o-y basis. Industrial leasing recorded a 3X growth in the first half of 2023 compared to last year.
India Investment Report
The investment activity recorded in Q2 was INR 158.5 bn (USD 1.92 Bn) which was 63% higher than the previous quarter’s activity and 60% higher than the activity recorded in Q2-22.
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