Office: Fresh demand for space and pre-commitments drives a healthy leasing momentum in Chennai. The IT-BPM sector leads the gross leasing activity with 64%, followed by flex space with 16%. In Q1 2022, new entrants, such as Simpliwork and TableSpace, have contributed to leasing traction in the city.
Residential: A modest growth of 3% in new unit launches was seen in Q1 2022 in Chennai, indicating a rebound in activity after adverse weather conditions faced in the previous quarter. Suburban South II emerged as the top micro-market accounting for approximately 60% share of all quarterly launches, followed by the Suburban west submarket with a 20% share in quarterly launches.
Retail: In Q1 2022 a sustained leasing activity was seen in Chennai across the main streets. It was led by main streets in Peripheral South and Peripheral South-West markets accounting for 26% share, followed by Suburban South with 19% share. Retail sentiments are increasing gradually with premium malls gaining footfalls up to 70-80% of pre-COVID levels. Even after negligible fresh leasing activity in malls retailer churn continued in superior grade malls.
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