Chennai Real Estate Achieves Ofice Space Transactions of 2.6 mn sq ft during Q3 2024: Knight Frank India

• Residential sales in the mid segment category occupied 43% of total sales in the city

Chennai, October 03, 2024: Knight Frank India, in their latest report – India Real Estate: Residential and Office Q3 2024 (July - September 2024) cited that Chennai observed office space transactions of 2.6 mn sq ft during Q3 2024. The city witnessed a 35% increment in the transaction volume when compared to previous year.The average transacted rent of the city grew by 10% YoY to INR 69/ sq ft/month during the quarter.

Chennai recorded the highest office leasing activities from GCCs and Third Party IT Services at 1.0 mn sq ft respectively during Q3 2024 and constituted 38% of the total office space transactions each in the city, followed by India Facing Business and Flex at 15% and 9% respectively.

The residential market of Chennai witnessed a total of residential sales volume of 4,105 units with a YoY growth of 6%. The city witnessed 4,273 units being launched in the quarter registering YoY growth of 7%.

During Q3 2024, 43% of the residential sales were in the ticket size between INR 5 mn to 10mn registering a YoY growth of 22%. The ticket size of 10mn and above registered a growth of 37% and accounted of 30% of total market share in the city. Ticket size of below INR 5mn constituted 28% of the overall residential sales in the market in the region.

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