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Vacancy levels in the office space increases in Chennai now

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Posted on : 17/Jul/2020 09:40:24



 
 
 
Founded in the year 1896, with headquarters in London, Knight Frank is a real estate agency, residential and commercial property consultancy.

Occupants have vacated the office premises due to Coronavirus outbreak and this has resulted in the 3 percent rise in the vacancy levels in the office space in Chennai.

On Thursday, popular property consultant Knight Frank India released half yearly report India Real Estate: H1 2020. It was brought out that the vacancy levels in the city of Chennai have increased to 12.2% in the first 6 months of 2020. It is important to note that at the end of 2019 vacancy levels in Chennai was 9%.

It was mentioned by the report that various factors like addition of bulk supply to the tune of 3.3 mn sq ft in the market, low absorption numbers and surrendering of office space by the occupants during the Coronavirus crisis have contributed to the rise in the vacancy levels now in Chennai.
 
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