LTI Mindtree is doubling its presence in Chennai's L&T Innovation Campus, adding 600,000 sq. ft to accommodate 10,000 IT professionals. Amidst Chennai's booming office market, characterized by record-breaking leasing activity, the expansion reflects the growing demand from the tech and BFSI sectors. With vacancy rates dropping by 3.7 percentage points year-on-year to 16.3% by the end of 2023, Chennai's office market becomes even more attractive for expansion-seeking businesses. Such expansions not only signal business growth but also contribute to the city's evolving economic landscape amidst rising demand for office space.
LTI Mindtree is gearing up for expansion at the L&T Innovation Campus in Chennai. Doubling its footprint to 1.2 million square feet across two towers, the tech giant is meant to accommodate up to 10,000 IT professionals in its new campus.
The first tower, for 600,000 square feet, is set to be operational by April 2024, with full occupancy expected by November of the same year. This expansion mirrors a broader trend of return-to-work momentum in the tech sector.
Chennai's office market has been on a remarkable trend, surpassing previous records with leasing activity more than doubling in 2023 compared to the average of the past four years. The city's robust performance has positioned it among the top three office leasing destinations, alongside Bengaluru and Delhi NCR.
Key drivers of this rise include technology and BFSI players, which accounted for approximately half of the total leasing activity in 2023. Noteworthy names such as Bank of America, Standard Chartered Bank, Qualcomm, and others have recently secured significant office spaces in the region.
Amidst this heightened demand, vacancy levels have witnessed a decline, dropping by 3.7 percentage points year-on-year to stand at 16.3% by the end of 2023. This data shows the attractiveness of Chennai's office market for businesses seeking expansion opportunities.
The move by LTI Mindtree to bolster its presence in Chennai aligns with the city's growing reputation as a preferred destination for technology firms. As the demand for office space continues to rise, such expansions are not only indicative of business growth but also contribute to the city's evolving economic landscape.
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