Outlook 2023 India

NEW SUPPLY (MSF) CHENNAI

NEW SUPPLY

8

 Chennai is expected to witness new completions of around 7 msf in 2023.  Upcoming projects in 2023 and 2024 are mainly located in South West and Peripheral South West submarkets, accounting for 65% (7.97 msf) of the supply over these two years (12.1 msf). Upcoming projects completing in the next two years have total pre-commitment of around 23%.  Nearly 5.6 msf of new supply is expected beyond 2024 and this supply volume is likely to increase as additional projects are in the initial stages of planning.

FORECAST

7

6

5

4

3

2

1

0

2020

2021

2022F

2023F

2024F

2025F

2026F

Source: Cushman & Wakefield