According to a report submitted by Real estate intelligence service of jones LangLaSalle India, the coming slowdown in European and North American countries will affect the sector of information technology due to which demand for space of office in cities like Chennai is expected to fall down. As we are aware that Chennai is the major industrial hub for information technology, the companies of information technology, manufacturing and ITES requires about 60 to 70 per cent space in Chennai for constructing offices. Information technology is the key sector for economic growth of the country.
If we believe the experts the Chennai market is likely to acquire almost 4 million square feet of area for constructing offices till 2015.
According to a report the demand for investment grade offices in the city is likely to be greater than it was before because of severe requirement of high quality office building in central Chennai area .Due to the offices constructed for the IT sector, the real estate market of Chennai has witnessed commendable growth. It is expected that Chennai will continue to keep adding more office space to achieve Mumbai’s size of office stock by the year 2015 and this will possible with the help of 17 million sqft supply during third quarter of 2011.
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