Asia Pacific Office Outlook 2024

CHENNAI

NEW SUPPLY

N EW S U P P LY ( M S F )

 Chennai is expected to see new supply of around 11.9 msf in 2024–2025.  Upcoming projects in 2024 and 2025 are mainly located in South West, Peripheral South and Peripheral South West submarkets, accounting for 76% (9 msf) of the total supply (11.9 msf) over these two years.  Approximately 1.8 msf (26%) of the upcoming space in 2024, concentrated in the South West and Suburban South submarkets, is already pre-committed.  Nearly 7.4 msf of new supply is expected between 2026 and 2027, with the potential for this supply volume to increase as additional projects are in the initial stages of planning.

8

FORECAST

7

6

5

4

3

2

1

0

2021

2022

2023F

2024F

2025F

2026F

2027F

Source: Cushman & Wakefield