Tuesday, November 18, 2008

Office shells

Nobody thought the IT boom would slow down, especially after the spectacular rise of the ITES / BPO industry. Real estate developers vied with each other to put up office towers, trying to flog such tiny standalone towers as the next thing in the city to Tidel Park. Of course the major thing they had in common with Tidel Park was the rates; the facilities were of course a far cry from what Tidel offers.

Now, when the commercial real estate market in the city is in deep trouble, such buildings can be seen in several places. Estimates of vacant IT- / ITES- ready office space in Chennai range from 2 million to 4 million square feet. Many of these builders are stuck because they had taken advantage of concessional rates allowed by the government on construction material for IT Parks, which means building shells such as this one, probably, cannot be converted for any other commercial use.

So they sit, with their gaping holes, hoping for the economy to rev back on to those wonderful growth rates that were being quoted as a 'sure thing' just a couple of months ago!


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Shantaram said...

>> Amar>> Thanks... we'll speak on this?

Anonymous said...

It is sign of improvement of real estate.