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Growth Factors for the Chennai Commercial Office Space Market





Before the rise of Bangalore as one of the IT centres of the world, Chennai was the lodestar of the South and one of the four major metros of India. With Indiaâs third largest port being present in the city and a strong manufacturing presence, fed by the cityâs traditional strength in producing engineers, the local economy had always been fairly robust. Further down, with the advent of the internet, the city also served as the landing station for internet service providers, which consolidated its position as a destination of strategic national importance.

However, the IT services revolution in the 2000s that catapulted India onto the forefront of global growth, brought about an upheaval of sorts in the economy of Chennai. It not only re-aligned the growth drivers of the city and composition of the labour force, it affected the development of specific segments of the economy as well. Hitherto, sectors such as real estate, hospitality and business tourism that had limited opportunities to advance owing to muted demand, suddenly exploded. Led by the demand generated by business travelers, global and domestic hospitality chains started exploring the city for establishing presence.

However, the sector that witnessed maximum disruption was real estate. With its clutch of engineering colleges and popularity of the English language amongst the local population, Chennai served as a major draw for global IT majors, looking for an alternate growth city to Bangalore and Hyderabad. This brought with it the inevitable demand for leasing of large commercial IT campuses capable of holding the cavalry of professionals employed by these companies.

This led to the floodgates opening with demand for commercial office space for rent in Chennai rising and a multitude of private players such as DLF (promoters of the first and largest SEZ) making copious investments to exploit the demand. This has changed the dynamics of urbanization in the city with growth corridors opening up towards the peripheral locations such as Old Mahabalipuram Road (OMR; now knowns as Rajiv Gandhi Salai), Mount Poonamallee Road and GST Road. Concomitant with commercial development is residential construction to house people working in these megalithic complexes. Further, to balance all this growth, the city needs to keep pace with infrastructure expansion as well, which in the case of Chennai, has been the construction of ring roads and a mass rapid transport system.

Another factor to be borne in mind is that unlike Bangalore and Hyderabad, Chennai has the unique distinction of not simply being an IT city. Over the years even the non-IT sector, in particular the auto and auto ancillary sector, has emerged as a major economic contributor, so much so that Chennai has come to be known as the âDetroit of Indiaâ taking after the reputation of the American city known globally for auto manufacturing. This too, has had an impact on the development of real estate in the city.

It is fairly evident that the drivers for commercial office space in Chennai for rent are multifarious with both IT and non-IT acting as sources of demand. With growth showing no signs of abating, a supply of approximately 13 million sq.ft. of Grade A commercial office space is expected to come up in the city over the next two years. Further information on DLF IT Park Chennai address OR DLF Office Spaces in Chennai can be accessed at http://www.dlfcybercity.com/chennai/
About Author DLF Cybercity Chennai :

DLF Chennai is Indiaâs premium real-estate company for over six decades. The brand has become synonymous with 21st-century, urban lifestyle with first-rate commercial spaces, residential towers, and retail hubs. The company is highly acclaimed for its revolutionary IT Parks and IT SEZs.


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Article Added on Friday, November 23, 2018
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