Commercial real estate is strengthening its roots in Chennai. The city now has more than 60 lakh square feet of commercial space. The growth in real estate has been happening since the past six years. An increment in traditional businesses is considered as a very good reason behind the prominent growth of the real estate in the city.
There are many new businesses that are settling in Chennai especially software services, electronic manufacturing, and others. These businesses are contributing a lot to the growth of real estate in Chennai. Accommodation rentals have increased by 10% to 15% in the city and it is expected to continue for the next three years.
Chennai has remained a popular place for businesses to open their offices. The city holds 45 lakh square feet for office space. 2019 has remained a lot beneficial for the real estate sector as compared to 2017 and 2018. Businesses are making huge transactions in real estate.
Infosys made 2.20 lakh square feet transaction in Pacifica IT Park and Accenture made a transaction for 2 lakh square feet in Embassy IT Park on Pallavarm link road. The commercial real estate has been growing since 2012 in the city and the current year has remained the best of all. 99Sqft is one of the most prominent platforms that are involved in buying and selling of property business. It has been approached more by the people to make property deals in almost every state of the country.
Experts are predicting that 2020 would be more beneficial for the industry. The year 2019 is considered the first year of a boom cycle returning and the market is predicted to be profitable for the next three years. Earlier Chennai was short on providing quality office space but now a large area of space is available for commercial use.