Chennai: Knight Frank India has launched its quarterly report – India Real Estate Update – Q3 2021, which cited that Chennai registered 115 per cent rise in office space transactions to 0.15 mn sq m (1.6 mn sq ft) and 258 per cent rise in new completions to 0.02mn sqm (0.2 mn sq ft) in Q3 2021.
The cumulative office transactions for the first nine months of 2021 were reported to be at 0.09 mn sq m (2.8 mn sq ft).
Chennai’s residential sales and new launches witnessed growth of 17 per cent and 49 per cent YoY, respectively in Q3 2021. The city recorded sales of 3,610 residential units and launches of 3,795 residential units were launched during this period. Weighted average prices in Chennai market remained stable during the quarter.
‘As vaccination gathers pace and companies gradually decide to bring back their workforce to offices, the demand for commercial assets should gather traction going forward’, said Shishir Baijal, chairman and managing director, Knight Frank India.