Chennai Office Market: Current Dynamics

 

Contact Information
DLF Cybercity Chennai
Block 1 C, Ground level, 1/124, Mount Poonamallee
Manapakkam
Chennai - 600089
India
9940018444
dlfcybercity001@gmail.com
 
For anyone looking to analyze or even scout for workplace in Chennai, the starting point would be to understand that the local office market is sharply cleaved into two segments viz., IT and non-IT zones. The traditional office district around Anna Salai, Nungambakkam, RK Salai, T Nagar, Egmore constitute the CBD with predominantly non-IT offices. The average rent is in the Rs. 80-84/sq.ft./month range which is the highest in the Chennai market.

The traditional SBD with a blend of IT and non-IT offices, is again in the radius encompassing Guindy, Vadapalani, Santhome, MRC Nagar. The average rent in this micro-market is about 10% lesser than the CBD at approx. Rs.70-72 / sq.ft./month.

The IT growth corridor starts not far from the SBD along the Mount Poonamalle Road. Average leasing rates are in the range of Rs.55-60/sq.ft./month. The major development in this zone is DLF Cybercity, Chennai. Earlier known as DLF IT Park, the cluster, spread over 44 acres was re-christened as 'Cybercity' in 2017-18 to emphasise on the campus like span of the project. Moreover, it was also a step towards expanding the redoubtable 'Cybercity' brand of office buildings, made globally famous by the iconic DLF Cybercity district in Gurugram.

DLF Cybercity, with a singular focus of offering quality workplace in Chennai, has evolved in phases. Commencing in 2007, construction of about 5 million sq.ft. was completed over two phases. Phase 3 of the project, covering three new office blocks are set to add another 1.6 million sq.ft. to the development. Two of the blocks are ready for operations with the third one due to be completed soon. The new towers have been designed to maximize light penetration and further enhance luminosity by employing environmentally friendly LED lights. The atriums of these buildings have a swanky look and feel, befitting the image of premium tenants expected to occupy the premises. Special attention has also been paid to providing generous amenities to customers, with the development of an integrated central amenities hub, equipped with a 1200 seat food court, creche, ATMs, entertainment zones among other features.

Some of the leading corporates already occupying space and, in some cases, looking to expand further at the DLF address include industry bellwethers such as Barclays, L&T Infotech, Dell, Hitachi, B&Y Mellon, Cognizant, TCS, Symantec, CSC to name a few.

Further, towards the OMR, are the other major IT office corridors. This stretch has been further sub-divided into the pre-toll and post-toll segments. Being closer to the city, the pre-toll segment from Taramani onwards, is considered to be prime with rentals nearly at par with commercial CBD rates at Rs.75-82/sq.ft./month. DLF has also activated a project on this stretch. The development will be developed in two phases, comprising of a total area of 5.5 million sq.ft. and expected to be complete by 2021.

The rates for developments in the post-toll segment of the OMR are considerably lesser at approx. Rs.35-40/sq.ft./month.

There is considerable construction activity underway along the OMR stretch, which has emerged since the past decade, as a growth corridor. A major infrastructure improvement planned here is the extension of the Chennai Metro that will bring within its ambit connectivity to the entire city.

With major national players such as DLF expanding presence in Chennai, these are indeed exciting time for development of commercial office workplace in Chennai, especially for captive IT developments. Further information on DLF IT Park Chennai address OR DLF Office Spaces in Chennai can be accessed at http://www.dlfcybercity.com/chennai/
For more information, visit: http://www.dlfcybercity.com/chennai


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