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• The Chennai office market performed remarkably well in 2013 with 5.2 million sq. ft. cumulative office leasing, 31% up as compared to the last year.
• While tenant relocation and consolidation have continued to be an important driver of the market, corporate expansion accounted for an equal proportion of absorption in 2013.
• New office supply was over 4.14 million sq. ft., which was 18% up from last year.
• IT/ITeS sector remained the major office occupier with 78% share of the total absorption.
• We anticipate the same level of absorption momentum in the coming quarters, although it will largely be influenced by the global economy and IT/ITeS sector performance in 2014.