Chennai records 57 per cent transactions in office space below 50,000 sq ft in 2022

Chennai has witnessed 57 per cent of transactions in office space below 50,000 sq ft area in 2022, a study undertaken by property consultant Knight Frank India said.

Chennai has witnessed 57 per cent of transactions in office space below 50,000 sq ft area in 2022, a study undertaken by property consultant Knight Frank India said. Transactions in 50,000 to one lakh sq ft office space was 15 per cent while 28 per cent of deals were signed in office space measuring over one lakh sq ft in the state capital. Around 157 deals were reached in below 50,000 sq ft office spaces while 10 were recorded in office space between 50,000 to one lakh sq ft and eight transactions were registered in the over one lakh sq ft space, the report by Knight Frank India said on Friday. Hyderabad, Pune and Bengaluru recorded high in the transactions for office spaces above one lakh sq ft across the country in 2022.

Ahmedabad, National Capital Region (NCR) and Mumbai witnessed higher transaction for offices in the 50,000 to one lakh sq ft category. ''Office leasing volumes in 2022 recorded at over 51 million sq ft which was historically the second best. Within this, information technology and information technology enabled services driven markets of Bengaluru, Hyderabad and Pune saw more than 50 per cent of their total office leasing by occupiers taking in excess of one lakh sq ft,'' Knight Frank India chairman and managing director Shishir Baijal said. ''We expect the momentum of office transaction to remain largely in line for 2023,'' he said.

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