Chennai records Annual Transaction Volumes of 5.6 mn sq ft in 2022 H2; Highest over the last 10 years, says Knight Frank India’s latest report
Chennai, January 10, 2023: In their latest report, Knight Frank India noted that 2022 witnessed a strong momentum for the Chennai office market , recording the city's best transaction volumes a ten-year period. Strong leasing activities in 2022 helped transaction volumes increase by 45% YoY to 5.6 mn sq ft. Office completions recorded an annual increase of 150% YoY to 4.4 mn sq ft, the highest since 2014. Healthy leasing momentum, increased occupier confidence, and new office supply lead to a surge in average transacted rent by 5% YoY in 2022. Chennai’s residential market witnessed stable gains of 19% YoY, accounting to 14,248 units in the year 2022. In the same time frame, launches rose by 21% YoY, recorded at 5,416 units. The city has been gradually scaling and moving up the ladder since H2 2020. The average price recorded in 2022 in Chennai was INR 4,300/ sq ft resulting in a 6% growth YoY. A substantial boost in consumer sentiment toward home ownership helped to fuel a s...
