Office: Q3 2022 Chennai recorded a healthy gross leasing activity (GLV) of 1.9 msf resulting in a y-o-y rise of 4%. The year-to-date GLV stood at 5.99 msf which is a healthy growth of 35%, compared to the same period in the last year. Unlike Q1 and Q2 of 2022, leasing activity in Q3 was driven by fresh leases from the IT sector. The IT-BPM occupiers were the key space takers in this quarter contributing with 49%, followed by flex space with 14% and Engineering & Manufacturing with 12%.
Residential: In the third quarter of 2022 Chennai saw the launch of more than 2,730 units, which is a significant growth of 40% on a q-o-q basis. Q3 2022 also recorded the first project launch by a listed developer. The mid-segment, which has always been a focus for developers has recorded a 64% y-o-y rise in unit launches, accounting for a 65% share in quarterly launches, followed by the affordable segment with a 23% share.
Retail: The third quarter saw a growth of approximately 2% q-o-q in the retail leasing activity within Chennai. Main streets were the major contributors to gross leasing with a share of 65%, leasing in this sector was dominated by the fashion & apparel segment, with a share of 41%, followed by departmental stores with 40%, while brands of national repute continue to expand their footprints in the city.
Learn more by clicking our most recent Chennai MarketBeat reports below.
