byREVIEW MY PROP
JUNE 05, 2020
CHENNAI: Office space market in the city's real estate has witnessed growth in traction by 6% in the past six months, while there is a significant drop in supply when compared with the first half of last year, a study by an international property consultant found.
According to Knight Frank India half yearly report on India Real Estate, around 0.3 million square feet of office came to the supply between January and June this year, which was 1.2 million square feet.
Office space supply recorded a 76% drop during six months when compared with 2018 and 2019.
A press release quoting Saurabh Mehrotra, national director of advisory services, Knight Frank India, said increased activity in the co-working industry had significantly contributed to the growth of Chennai’s office market.
"However, inadequacy of quality supply continues to remain the biggest challenge,” the statement quoting him added.
The report further said that the demand for co-working spaces in Chennai had significantly increased in the last one year and as far as the first half of 2019 was concerned, co-working holds a 24% share in the total transactions pie of Chennai office market as compared to just during the corresponding period of 2018.