The real estate landscape in Chennai has undergone a major transformation in the past 25 years, according to JLL’s latest report. Chennai has witnessed a staggering 75-fold increase in office space alone.
The office segment growth has been largely driven by the IT sector and the rise of Global Capability Centers. Chennai’s rise as a GCC hub is reshaping Tamil Nadu's economic landscape.
The state now commands an impressive 12% of India's overall GCC market share, with a particularly strong foothold in the Banking, Financial Services, and Insurance (BFSI) sector, where it claims 15% of the national footprint.
This dominance is further underscored by the fact that 60% of the technology operations of Fortune-listed BFSI companies have chosen Tamil Nadu as their base.
Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head - Residential Services, India, JLL, said: "Chennai's transformation over the past 25 years is nothing short of remarkable. The data clearly shows the city's evolution from a manufacturing hub to a diversified economic powerhouse. With continued infrastructure development and strategic policies in place, Chennai is well-positioned to capitalize on emerging trends in technology, sustainability, and urban living. The city's resilience and adaptability bode well for its future as a key player in India's economic landscape."
