Colliers Radar- New growth centre in south Chennai_2020

Colliers Radar
Chennai
Office
28 11 2017
Pallavaram Thoraipakkam Road All Set for
Real Estate Race in Chennai
New Growth Centre in South Chennai

Surabhi Arora
Senior Associate Director |
Research | India
surabhi.arora@colliers.com
Karthiga Ravindran
Analyst | Research | Chennai
karthiga.ravindran@colliers.com
Pallavaram - Thoraipakkam Road (PTR), the 11
km stretch located in the Old Mahabalipuram
Road (OMR) Post-Toll market is gearing up to
entice numerous multinational companies and
small and medium enterprises to Chennai. Being
strategically placed and well connected to the key
office markets of the OMR and Grand Southern
Trunk (GST) Road, this link road is likely to
disrupt the linear growth pattern of the OMR. The
PTR is now emerging as a strong new growth
centre in the OMR district. Over the next three
years, we expect 11.5 million sq ft (1.06 million
sq m) of office space supply to see completion in
Chennai. Of this total, 58% is concentrated along
the PTR. We expect that by 2020 the improved
infrastructure and new offices with modern
amenities should greatly enhance the area’s
appeal to prospective tenants. In our opinion,
occupiers looking for expansion within Special
Economic Zones (SEZs) should take advantage
of huge upcoming supply in this corridor. For
relocation and consolidation, occupiers can either
pre-commit or opt for built-to-suit options in PTR
to hedge against future rent rises.
Executive Summary
For some years, suburban micromarkets in the south
have been the fastest growing markets in Chennai. The
southern precinct of the city is continually attracting
technology firms, which need a well-connected location
but have problems in finding sites with large floor plates
and preferred fit-out options in the CBD and Off CBD.
The OMR Pre-Toll district has always been a more
active market in terms of office leasing in south Chennai
due to its proximity to the city centre and availability of
Grade A stock. There has always been resistance
among occupiers to moving further down to the post-toll
market considering the under developed infrastructure
and absence of last mile connectivity. However,
according to Colliers Research, the effective rentals in
the Pre-Toll market have more than doubled over the
last ten years; and we expect the rents here to rise from
INR 55-78 per sq ft per month in 2017 to INR 65-85 per
sq ft per month over the next three years. At last,
therefore, strong demand and rising rents in the OMR
Pre-Toll district have started compelling companies to
evaluate micromarkets beyond the Perungudi toll.
Rental Forecast for Southern Business District
Source: Colliers International India Research
Strategically located just after the toll, the Pallavaram-
Thoraipakkam Road (PTR), the link road between the
parallel corridors of the GST Road and the OMR, is now
emerging as a strong new growth centre in south
Chennai. We expect the PTR to cause a major shift in
development focus within the OMR market from the Pre-
Toll side to the Post-Toll side, thereby disrupting the
OMR's linear growth pattern.
Our detailed research on OMR micromarkets suggests
that the PTR, the link road between the parallel growth
corridors of the GST Road and the OMR, will be
Chennai's key new growth centre. Based on our analysis
of sector concentration in various micromarkets, we
advise large, established IT companies to choose the
OMR Pre-Toll Road for future expansion, since proximity
to the city centre is advantageous for talent acquisition
and retention. Occupiers such as automotive and
manufacturing companies requiring proximity to the
airport and other transport links should choose the GST
Road, although space here is limited. The PTR should
appeal to occupiers looking for large-scale relocation to
attractive new SEZ developments in a district offering
ample supply of space and good infrastructure at modest
rents.”
According to the recent city report by Oxford Economics
'Asian Cities & Regions Outlook, June 2017' Chennai
(Tamil Nadu State) stood third in growth ranking and
should achieve 7.5% average annual GDP growth over
the period 2017 to 2021. This increase is likely to be led
by the banking sector, followed by the trade, hospitality
and manufacturing sectors. The anticipated economic
drive in the city by these sectors should also help drive
demand for space along the PTR in coming years.

3 New Growth Centre in South Chennai | 28 November 2017 | Office | Colliers International
Contents
Southern Chennai: the growth area ...........4
PTR - the bright spot in southern Chennai.5
Demand drivers for PTR ............................6
Planned infrastructure likely to support vast
real estate development.............................7
Residential catchment around PTR............8
Office rent forecast: slightly higher rent than
Post-Toll likely in the PTR..........................9
Occupier strategy: select office location
based on business needs ..........................9
Developer strategy - technology, flexibility
and sustainability to entice occupiers.......11

Southern Chennai: the growth area
For the last two decades, the southern micromarkets of
Chennai have differed from the rest of the city, creating
an unprecedented growth story. The Old Mahabalipuram
Road (OMR) and the Grand Southern Trunk (GST) Road
in south Chennai are the two main corridors that have
become key locations for Information Technology (IT)
parks, Special Economic Zones (SEZ) and integrated
townships in the city. While the commercial development
in the GST Road has been restricted around three SEZs
(Mahindra World City, The Gateway and Madras Export
Processing Zone), the strategic location and abundant
office supply on the OMR have fuelled demand for office
spaces along this corridor.
While the OMR is a State Highway (SH-49A) that
connects Chennai to Mahabalipuram, for this study we
have considered only the 20 km stretch from Taramani
to Siruseri as OMR. We have further divided the OMR
based on occupier activity into two sections: the Pre-Toll
and Post-Toll areas. The Pre-Toll area starts from
Madhya Kailash Junction and extends up to Perungudi
Toll, while the post-toll area extends as far as the
Siruseri (See Figure 1).
Over the years, the first stretch of the OMR (Pre-Toll
district) gained occupiers' interest due to the availability
of Grade A supply and its proximity to the core city.
However, the Post-Toll stretch of the OMR remained a
distant location for occupiers as the developments were
concentrated about 17 km from the Pre-Toll area at
Siruseri.
According to surveys by Colliers Research, the Pre-Toll
stretch of the OMR accounted for about 50% of total
absorption of available IT space over the period 2012 to
2017, whereas the Post-Toll stretch represented only 8%
of total absorption. With the OMR Pre-Toll micromarket
becoming saturated, many forecasters expected that the
future growth of the IT corridor would be aligned along
the OMR in a linear pattern towards Siruseri. However,
going against these forecasts, the commercial market's
attention has started to shift towards the newly
developing micromarket of Pallavaram-Thoraipakkam
Road (PTR).
Strategically placed between
OMR and GST Road, PTR
has an immense potential for
commercial and residential
development in future
The 11 km stretch of the PTR well known as the Radial
Road is strategically located just after the Perungudi Toll,
connecting the OMR and GST Roads. Although
commercial development along this road proceeded
slowly after the launch of Chennai One SEZ by Green
Grid Group (IG3) Infra Ltd in 2006, over the last two
years, several prominent developers have acquired large
land parcels for commercial development and launched
projects in this area. Examples include, Embassy,
Featherlite and expansions of IG3 Infra Ltd.
Figure 1: Growth Story of Chennai

PTR - the bright spot in southern
Chennai
According to Colliers Research data, Chennai is likely to
see about 11.5 million sq ft (1.06 million sq m) of new
office supply by the end of 2020. Most of this supply is in
the form of SEZs and IT parks. Major SEZ projects under
construction include the Embassy Splendid Tech Zone
and the Chennai One SEZ - South Block in the OMR
Post-Toll district, Brigade World Trade Centre in the
OMR Pre-Toll district, Xander's Gateway in the GST
Road and additional phases of the DLF SEZ in Mount
Poonamalle High (MPH) Road. In addition, Featherlite IT
Park in the OMR Post-Toll district, phases of Olympia
Tech Park and several other IT buildings in the Off-CBD
are also under construction.
About 80% of the total upcoming supply is concentrated
in the southern part of the city followed by MPH Road
(16%) and Off-CBD (4%) (See Figure 2). The high
concentration of new supply in the southern quadrant of
the city indicates that growth of the office market should
continue in this region over the next three years.
Out of all locations in the south, the PTR section of the
OMR Post-Toll micromarket has been gaining maximum
momentum with about 6.65 million sq ft (0.61 million sq
m) of office space scheduled for completion over the
next three years. In contrast, scheduled completion in
the OMR Pre-Toll district amounts to only 2.18 million sq
ft (0.2 million sq m) and in the GST district to 0.35 million
sq ft (0.03 million sq m).
In our opinion, as the vacancy rates are already in single
digits in the preferred micromarkets such as the CBD,
Off-CBD and OMR pre-toll road, the demand should
follow supply in the PTR in coming years.
The anticipated commercial
development along the PTR
should create a vast
employment opportunity
along the corridor, in turn,
activating the demand for all
real estate asset classes.
Figure 2: Key Upcoming Office Supply
PROJECT LOCATION AREA (In
sq ft)
EXPECTED
YEAR OF
COMPLETION
Chennai One
SEZ - South
Block
PTR 1,200,000 Q1 2018
Embassy
Splendid Tech
Zone - Phase 1
PTR 2,000,000 Q4 2018
Embassy
Splendid Tech
Zone - Phase 2
PTR 2,500,000 Q3 2019
Featherlite IT
Park
PTR 750,000 Q4 2019
Brigade World
Trade Centre
Perungudi 2,000,000 Q4 2020
Raheja IT Park MPH Road 1,000,000 Q4 2020
Figure 3: Upcoming Office Supply Breakup

Demand drivers for PTR
According to Oxford Economics, Chennai (Tamil Nadu
State) stood third in growth ranking and should achieve
7.5% average annual GDP growth over the period 2017
to 2021 led by the banking, trade, hospitality and
manufacturing sectors1. Upcoming commercial real
estate developments in Chennai are notably
concentrated in the PTR, so we expect the economic
drive in Chennai by these sectors should have a
significant impact on the PTR in coming years. Several
other factors are also driving demand along the corridor.
Based on Colliers Research survey of the corridor, the
strategic location, connectivity, rental arbitrage due to
upcoming supply, social infrastructure and surrounding
residential catchment are the key demand drivers for this
road.
The PTR is strategically located in the fast-developing
southern part of Chennai. Being recognised as the
Radial Road, it benefits from easier access to transport
hubs and faster connectivity to key arterial roads than
any other link roads in Chennai. The thoroughfare is
easily reached from the most active corridors in the city
such as the OMR and the GST Road which has a
number of renowned IT parks and SEZs. Moreover, the
PTR is just a short drive away from the entertainment
and leisure corridor of Chennai, the East Coast Road
1
Asian cities and regions outlook, June 2017 by Oxford Economic
(ECR).
On tracking the social amenities such as educational
institutions, healthcare centres, banks, shopping malls
and theatres, we noticed that all such facilities are
available at distances of about 5 to 10 km from the
midpoint of PTR. The Medavakkam Main Road and
Velachery Tambaram Main Road cross through the
corridor facilitating connections to the residential and
retail neighbourhoods in Medavakkam, Perumbakkam,
Madipakkam, Keelkattalai and Velachery.
In addition to the road
connectivity, the localities
along this road also enjoy
proximity to transportation
facilities like Velachery Mass
Rapid Transit System (MRTS)
station, Pallavaram and
Tambaram Railway Station
and Chennai International
Airport.
Figure 4: Connectivity and Key Developments (All the distances are measured from Kovilambakkam the mid-point of the PTR)

Frequent Metropolitan Transport Corporation (MTC)
buses and existing railway stations ensure direct access
to the PTR from various nearby micromarkets and
reduce stress for working professionals trying to reach
their workplaces.
In our opinion ease of travel to prime localities in the
south, proximity to the Airport and a well-developed
residential catchment area will be key demand drivers for
the PTR. Occupiers can exploit the location-related
advantages to attract talent pool living in both the city
centre and peripheral areas.
Planned infrastructure likely to
support vast real estate
development
The state government has proposed several new
infrastructure initiatives in and around the PTR to ensure
continuous development. Due to expected heavy
increases in vehicular movement on this road over the
next three years, the State Highways Department plans
to widen the road and make it a four-lane road together
with a service lane. In the wake of recent floods in
Chennai, the authorities have also adopted designs to
improve the storm water drains on either side of the road
to prevent flooding.
As a part of the state government's long-term strategy for
the improvement of traffic management at major
intersections to avoid traffic snarls, construction works
are in progress for grade separators at Pallavaram and
at the junction connecting Medavakkam Road and the
PTR near Keelkattalai. In another initiative, an extension
of the PTR is being planned. Currently, the road
stretches only up to the OMR; an additional stretch of 1.4
km is proposed from the OMR to the ECR. This will
extend the road as far as Neelankarai in the ECR district.
Reportedly land acquisition is in progress for this project
in accordance with the update in the Tamil Nadu State
Highways and Minor Port Department Policy Note 2017-
18. On implementation, the extension will provide
seamless access from ECR to GST Road and will also
reduce traffic overcrowding at Thoraipakkam.
We anticipate that these major infrastructure initiatives
will largely eliminate the traffic congestion in the OMR
district, divert smooth vehicular movement towards the
PTR and have a positive impact on the developments
coming up along the stretch.
Although we are confident
about the medium to long
term potential of the corridor,
any delay in infrastructure
developments will slow down
overall progress.
Source: Colliers International India Research; Tamil Nadu State Highways and Minor Port Department Policy Note 2017-18
Figure 5: Planned infrastructure initiatives along the PTR

Residential catchment around PTR
The residential catchment of PTR within a 0-3 km radius
of the midpoint of the corridor at Kovilambakkam will
cater to the upcoming commercial developments in this
region and we expect these markets to firm up further
over the next 3 years. The neighbourhoods within 3 km
radius from the midpoint of the corridor at
Kovilambakkam include Keelkatalai, Old Pallavaram,
Pallikaranai and Madipakkam. The key ongoing projects
in these vicinities are mostly mid-segment apartment
projects in the price range of INR4,500 to 6,750 per sq ft.
This range of capital value translates to prices of INR45
lakh to INR1.2 crore (USD70,000-190,000), which are
suitable for the working population in the technology
companies that are likely to be the predominant
occupiers in the coming years. Thus, the residential
projects in these localities with range of typologies from
1 BHK (Bedroom Hall Kitchen) to 4 BHK are likely to
attract home buyers' interest.
Colliers Research surveys have noted that about 70% of
the buyers in this region are employees working in the
IT-ITeS sector. Businesspeople, senior management
employees in the BFSI and health care sectors, pilots
and Non Residential Indians (NRIs) account for the
remaining 30%.
The rental values for 2BHK range from INR 10,000 to
15,000 per month and 3BHK units from INR 14,000 to
25,000 per month. The vicinities also include 1BHK units
of 550 to 650 sq ft (51- 60 sq m) with affordable rents in
the range of INR 7,000 to 10,000 per month.
The commercial developments along the PTR should
also be supported by residential catchments within a 3-5
km radius and a 5-10 km radius from the midpoint of the
corridor. The locations within 3-5 km radius include
Pallavaram, Medavakkam and Thoraipakkam. These
mid-segment localities witness capital values between
INR5,200-7,200 per sq ft. The residential catchment
within 5-10 km radius serve high-end buyers such as top
executives working in MNCs looking for both villas and
apartments in the range of INR7000-11,500 per sq ft in
Sholinganallur, Navallur, Pallavakkam, Injambakkam,
Chrompet, Tambaram and Velachery localities.
In our opinion, by ensuring
easy connectivity to work
place, surrounding
residential neighbourhoods,
principal arterial roads, retail
outlets, academic and health
care institutions, PTR should
keep driving the mid
segment buyer focus in
coming years.
The residential and commercial developments would
complement each other. The current construction
progress in residential projects along the corridor would
increase the confidence of office tenants in relocating
their offices to the PTR. Likewise, the upcoming SEZ
and Grade A office spaces would create substantial
employment opportunities driving residential demand.
Figure 6: Residential catchment around PTR

Office rent forecast: slightly higher
rent than Post-Toll likely in the PTR
Although the OMR is a single corridor, the rents in the
Pre-Toll belt are significantly higher than in the Post-Toll
belt. The Pre-Toll belt commands rents in the range of
INR 55-78 per sq ft per month. However Post-Toll area
rents vary between INR 30-40 per sq ft per month
indicating almost half the rents in OMR Pre-Toll district.
In recent years, consistent demand from existing
occupiers combined with limited available supply has put
upward pressure on rents in the Pre-Toll belt. Based on
Colliers Research analysis, the Pre-Toll belt recorded a
28% increase in rents over the past three years whereas
the Post-Toll belt witnessed a modest 4% increase.
We expect that rents in the OMR Post-Toll district will
remain at least 35-45% cheaper than rents in the Pre-
Toll district over the next three years. However, based
on our experience with technology occupiers, attracting
good talent takes priority over lower office rent. Thus, we
expect technology occupiers' preferred location to
remain the OMR Pre-Toll belt, followed by the PTR.
Due to proximity to the Pre-Toll belt, the PTR is likely to
command a slightly higher rent than the Post-Toll
micromarket. However, we expect that a rental
difference of at least 20-30% will persist between the
OMR Pre-Toll belt and the PTR.
Occupier strategy: select office
location based on business needs
We have identified that technology companies, BFSI,
healthcare and consulting are the key business sectors
which have rapidly expanded in the OMR area in the last
few years. Based on our market intelligence, several
companies located in the Pre-Toll district are planning to
grow in their nearby vicinity over the next three years.
Occupiers are also constantly evaluating relocation and
consolidation opportunities. We understand that Grade A
office developments with large floor plates and
opportunities for contiguous expansion are likely to drive
their office space planning in future.
Based on our research on the market trend, we
recommend following strategies to the occupiers of
various sectors to find the best fit space in the right
micromarkets for their business needs.
GST Road
Occupiers looking for space in SEZs along National
Highway (NH45) with proximity to the Chennai
International Airport should take up space on the GST
Road. There is better connectivity in this region to main
roads, the suburban railway network from north to south
Chennai and the airport. Considering this, we advise
companies such as auto ancillary, manufacturing, third
party logistics firms, Business Process Outsourcing
(BPO), Knowledge Process Outsourcing (KPO) and
other small-scale occupiers to plan their future office
space in this location. Though the micromarket currently
has minimal vacancy levels, the future supply in the
Gateway SEZ of about 0.35 million sq ft (0.33 million sq
m) should meet occupiers' demand in coming quarters.
Figure 7: Office Rental Forecast
Note: Graph represents rental trends for both Non IT/ITeS and IT/ITeS Grade A properties excluding Special
Economic Zones (SEZs)
38
53
55
60
68
71
73
75
34 35
33 34
36
38
40
42
Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017F Q3 2018F Q3 2019F Q3 2020F
OMR Pre-Toll
City Average
OMR Post-Toll
Forecast
4
PTR
45
47
53
57
Rent differential between
Pre-Toll and Post-Toll

OMR pre-toll
The well-established office market in the OMR Pre-Toll
area is suitable for existing occupiers looking for
expansion within the micromarket regardless of the cost
constraints. We suggest that well established IT
companies looking for proximity to city centre, targeting
talent acquisition, employee retention and reduction in
their attrition rates should choose this established IT
corridor as a preferred choice for future expansion.
OMR post-toll
As the OMR Post-Toll micromarket is located further
from the city centre, it caters to the spill-over demand
from the Pre-Toll area. The Pallavaram–Thoraipakkam
Road located in this region is developing as the next
emerging commercial corridor with ample new supply of
office space. Based on the available office stock, we
recommend the PTR, Sholinganallur and Navallur
locations within this micromarket in order of preference.
Although Sholinganallur and Navalur offer lower rents,
we suggest occupiers with large space requirements
should take up Grade A office space in the PTR due to
its location advantage and greater availability of social
and physical infrastructure. Likewise, companies looking
for SEZ benefits and those ready for pre-commitments
should opt for this region within a short term to hedge
against future rent raises. Grade A office buildings under
construction along the corridor are witnessing increasing
pre-commitments, and we expect such pre-commitments
to solidify timelines of construction activities making
developers adhere to the planned completion dates.
Moreover, considering the evinced sunset clause2 that is
proposed to abolish income tax benefits for SEZs after
March 31, 2020, we strongly recommend occupiers
looking for space in SEZs to obtain their unit approvals
before end of Q4 2019.
2
Sunset Clauses have been imposed on SEZ Units under Section
10AA of Income Tax Act where the Occupiers needs to be operational
in SEZs up-to 31.3.2020 to get the direct tax benefits.
MICROMARKET LOCATION PROFILE OCCUPIER STRATEGY
GST Road
(Pallavaram, Chrompet,
Tambaram, Perungalathur)
 National Highway (NH45), primarily a
manufacturing corridor
 Encompasses 3 major SEZs (Mahindra
World City, Xander’s Gateway SEZ and
Madras Export Processing Zone
(MEPZ)
 Proximity to Airport
 Suitable for occupiers looking for office
space in SEZs along National Highway in
proximity to airport
 Automobile and auto ancillary,
manufacturing companies, Third Party
Logistic firms, BPOs and KPOs and other
occupiers with low-profit margins
OMR Pre-Toll
(Taramani, VSI Estate, MGR
Salai, Kandanchavadi,
Kotivakkam, Perungudi,
Velachery)
 Well connected with core city areas
 Predominantly Grade A development
with a few IT Buildings and SEZ
campuses
 Preferred location for technology
companies
The micromarket is most suitable for
 Large Scale IT companies seeking
proximity to city center
 Existing occupiers looking for expansions
within the micromarket irrespective of the
cost pressures
 Companies targeting in talent acquisition,
employee retention and reduction in
attrition rates
OMR Post-Toll
(Thoraipakkam, Pallavaram-
Thoraipakkam Road,
Karapakkam, Sholinganallur,
Semmenchery, Navalur, Siruseri)
 Away from the city center
 Caters to spillover demand from OMR
pre-toll area
 Pallavaram – Thoraipakkam Road
developing as the next emerging
commercial corridor due to proximity to
OMR pre-toll
 Large SEZ developments
This micromarket is suitable for occupiers
looking for relocation and consolidation to
hedge against a rent increase
 Large scale business expansions with
additional expansion plans
 Companies looking for SEZ benefits
 Occupiers ready for pre-commitments
Figure 8: Occupier Strategy
Figure 10: Occupier Strategy

Developer strategy - technology,
flexibility and sustainability to entice
occupiers
From core city areas to suburban corridors, innovative
and futuristic office spaces are transforming the skyline
of commercial development. In the current scenario,
space efficiency, workplace technologies and services
are the key factors driving demand for Grade A office
space. We expect that over the next three to five years,
automated processes in building management will
become a necessary feature to entice occupiers. In our
opinion, the developers should focus on adopting smart
building concepts to cater this demand. We recommend
landlords to adopt the following strategies in order to
attract and retain large tenants.
Ensure pace with technology adaptation
Technology is not just disrupting the office occupiers but
also transforming the office built environment on a wider
scale. Energy-efficient smart buildings are more
attractive to tenants and enjoy stronger tenant retention
and shorter vacancy periods. The smart office’s systems
and sensors generate large and continuous volumes of
real-time data on the performance of the building and the
behaviour of the people inside it. Given that it can be
difficult to change the design of a new building once
development is in an advanced stage, it is important to
be prepared for a rapidly changing market in advance.
Intensify the 'greening' of Office Spaces
Due to overloading of built spaces coupled with
increasing populace, being environment-friendly has
become another major criterion for futuristic office
buildings. Today's occupiers are demanding energy-
saving buildings. Chennai has seen a notable increase in
green certified buildings over the past decade with
Olympia Technology Park, Menon Eternity Building, RMZ
Millennia Business Park, Ascendas International Tech
Park Chennai, etc being a few of the renowned
commercial buildings certified by United States Green
Building Council (USGBC). These buildings are not only
environment-friendly but also offer lower operating
expenses. These building are already witnessing
occupier preferences and have lower vacancy rates. We
advise developers to incorporate renewable energy
technologies, waste reduction features, good air quality
and greater use of natural light to improve the economic,
social and environmental performance of the upcoming
built spaces. All upcoming buildings should have better
‘sustainability’ ratings to differentiate themselves from
office spaces available in the OMR Pre-Toll belt to attract
occupiers.
New-style amenities will entice Gen Y/
millennial occupiers
According to a PwC report3 millennials form 25% of the
workforce in the US and account for over half of the
population in India. By 2020, millennials will form 50% of
the global workforce. With millennials making up the
majority of employees in the years to come, flexibility will
be the key to retaining the talent pool. Community and
recreational areas, play pods, gardens, open spaces,
libraries are the latest preferences amongst the new age
workforce. Thus, we suggest developers to take such
amenities into account when designing the building.
Figure 9: Office Spaces for Future
Source Colliers International India Research
We forecast that by 2020 the improved infrastructure and
new offices with latest amenities will significantly
enhance the PTR district's appeal to prospective tenants.
Developers should make progress in partnering and
coordinating with the government to seek support and
ensure local infrastructure and public transport facilities
keep up with the PTR project's bright economic outlook
over the next three years. Thereby, with continuous
improvements, better amenities, new quality office
spaces and SEZ benefits, PTR should emerge as a new
office market destination in Chennai where MNCs and
SMEs can congregate in the next few years.
3 Millennials at work Reshaping the workplace by PWC

Copyright © 2017 Colliers International.
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made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are
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Primary Authors:
Surabhi Arora
Senior Associate Director | Research | India
+91 98 7175 0808
surabhi.arora@colliers.com
Karthiga Ravindran
Analyst | Research | Chennai
karthiga.ravindran@colliers.com
Contributors:
Andrew Haskins
Executive Director | Research | Asia
+852 2822 0511
andrew.haskins@colliers.com
Shaju Thomas
Director | Office Services
shaju.thomas@colliers.com
Shyam Arumugam
Associate Director | Office Services | Chennai
shyam.arumugam@colliers.com
Colliers International | India
Technopolis Building, 1st Floor,
DLF Golf Course Road,
Sector 54, Gurugram (Gurgaon) - 122 002
+91 124 456 7500

Colliers Radar- New growth centre in south Chennai_2020

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