Is Chennai Emerging As The Next Frontier For Global Corporation?

According to a recent report by CBRE, an American commercial space and investment firm, Chennai ranks #3 after Bengaluru #1 and Hyderabad # 2. The report titled: TN, The Next Frontier For Global Corporations says, a whopping 12-13 million sq ft of premium office space is set to be added to Chennai’s existing plush offices by 2025 and 2026. For global money to flow in, the report says the GCC index is critical. Tamil Nadu has developed many Global Capability Centres. Chennai boasts of over 250 such GCC’s currently and the plans to hit 460 by 2030. The most developed GCC centres are on OMR, Mount Poonamallee and PT Road accounting for 92% of the commercial leasing space.  Chennai has grown from 1.4 million sq ft ready to move in office & commercial space in 2022 to 2.3 million sq ft in just nine months of 2024. American firms accounted for 67% of this GCC capability. At the global summit meeting held in Chennai some time back, the Tamil Nadu chief minister MK Stalin said that his government’s aim is to become a $1 trillion economy by 2030. Now with a strong focus on developing AI capability, both as learning/teaching and application. TN at $ 300 billion is all set to turn into a South Indian Tiger economy, a status held by Hong Kong, UAE.