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Chennai MarketBeat Reports

19/10/2022
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

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. 

RetailThe 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.

CURRENT MARKETBEAT

Office Buildings CBD
Chennai Office Report

Rentals recorded a slight appreciation across most Chennai’s submarkets. A healthy leasing momentum, rising occupier confidence and new office supply with higher rents, were the main contributors to the rise of rentals in the city. This trend is most likely to continue in the upcoming quarters as well.

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Shopping Retail
Chennai Retail Report

Leasing of retail space in Q3 2022 saw an increase of 1.7X over the previous quarter and accounted for nearly 35% of Chennai’s quarterly leasing volume. Mall rentals remained unchanged in this quarter, while marginal growth is expected in the near term.

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Warehouse Internal Rack
Chennai Residential Report

With the festive season right around the corner, developers are announcing benefits and incentives to incite potential buyers. While ready-to-move-in projects are showing high demand, average capital and rental values too, remain largely unchanged in Q3 2022.

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Warehouse Internal Rack
India Investment Report

The third quarter recorded private equity investment inflows of INR 131.2 bn (USD 2.27 bn), a near 1.3x growth in investment receipts as compared to the previous quarter and same period last year (Q3-21).

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Warehouse Internal Rack
Chennai Industrial Report

In H1 2022, Chennai witnessed a rise of 14% compared to H2 2021. This incremental rise was ushered by 3PL sectors contributing to 77% of leasing volumes, followed by engineering and manufacturing sectors with 8%. On a y-o-y basis 4-7% of rental appreciation was noted across sub-markets due to a healthy demand mainly from 3PL players.

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