Commercial Realty in Chennai - Then and Now

A city like Chennai in the last decade has ushered in burgeoning intereststowards commercial properties. Scope for colossal commercial and retailexpansion is cited as the number one reason why Chennai observes commercialcomplexes and tall towers flooding its skyline. Chennai is today home to anumber of multinationals across industries and domains. These cash rich firmsare seeking more advanced, sophisticated and modern offices in the city orsuburban regions. This has created a big demand for fresh and urbancommercial space for rent in Chennai. A number of premium developers acrossthe globe are today on mission Chennai to complete construction of state-of-the-art residential and commercial structures.

Commercial Realty - Initial stages

While there are some obvious preferences in terms of location of commercialproperties in Chennai, the city by itself is an investment hotspot forcommercial realty. Grade A office spaces within the city especially in theCentral Business District (CBD) present very attractive and lucrative options forcommercial buyers. However, the CBD is no longer spacious foraccommodating bigger establishments.

This is when Chennai started moving into newer realms. As IT/ITES,automotive and manufacturing organizations made their way into the city, theneed for large spaces accelerated. Solution came in the form of suburbanmarkets and OMR was easily the first to shine. Better infrastructure, sceniccoastline and ability to expand further are OMR’s biggest advantages in terms ofcommercial space for rent in Chennai.

Commercial Developments in OMR

Even within OMR, there are specific differentiators. Regions before the tollplaza hold the perception of being a part of the city. They attract interestsbecause of easier and more cost-effective travelling. These regions today have anumber of high quality commercial properties that are occupied by largemultinationals and continue to be preferred by the newer entrants as well.Regions beyond the toll plaza may have the limitation of distance but are wellcompensated by attractive rental options. Favorable rentals for commercialspace to rent in Chennai especially after the toll plaza attract investor interest.

The government has stepped up pace in infrastructure activities of this region,public transport systems here are on the process of getting upgraded andspecific zones are identified for commercial, residential and retail use. Chennaiis thus a rapidly growing destination identified by several real estate experts asone of the most ideal cities for exceptional residential and commercial ROI.