Yes, Office space scarcity in Chennai also, The demand was primarily driven by IT, telecom and financial sectors in Chennai. Rentals in A Grade office space in center locations such as the Chennai Metropolitan and MRC Nagar were in the range of Rs 80 to Rs 85 per sft a month. In other areas such as Guindy, Adyar and Egmore, this was around Rs 60 an sft while in Ambattur and Taramani the average rental stood at around Rs 38 an sft.
A study titled ‘Property Market Overview’ by Colliers International, a Canada-based real estate research and consulting firm, said in Chennai, Sholinganallur emerged as the new hub for IT parks and was a major supply generator during the second quarter.
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