In November, 2012 as the existing malls in Chennai city had limited
cost effective options, high-street locations were more attractive to
retailers.
According to Jones Lang LaSalle India report, Vacancy
levels remained stable in the market. Chennai T. Nagar Saravana Stores had
opened 3 stores on or around Ranganathan Street, and Megamart opened a new
store in Arumbakkam.
Rents & capital values remained stable over the
month, On the office front, leasing in Chennai remained moderate in November,
2012.
As no new projects were completed during the month,
occupancy levels improved. The notable transactions over the month included TCS
e-Serve leasing in Tek Tower at posttoll OMR, Maersk leasing in Prince Infocity
at pre-toll OMR, MPS Limited and Semantic Space leasing in RR Tower 4 and Tower
3, respectively, at Guindy.
Projects in the pre-toll areas of the OMR & CBD
remained the preferred destinations for occupiers. Rents& capital values
mostly remained stable in every submarket during the month.
Src: Jones Lang
LaSalle India
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