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Metros add 6 mil sqft retail mall space in H1 2011
Posted On: 17-08-2011 00:00:00 11

As per a report by research firm CB Richard Ellis India (CBRE), Indian metros added over 6 million sqft of retail mall space in the first half of the year 2011.

The majority of this mall development activity has happened in the National Capital Region (NCR), Mumbai, Bangalore, Pune and Chennai.

As per CBRE, the rentals across malls have increased 4-16% across key markets in the NCR, and 10-20% across both high street and malls in Mumbai.

The report elaborated that the driver to the surge in mall retail space was the possibility of the Cabinet passing the Bill for permitting 51% FDI in multi-brand retail.

However, despite an increased demand for retail space, there is surplus space available with several properties in the supply pipeline. Such a scenario will impact the developers, who will have to resort to discounts on rents and more flexible options to avoid higher vacancy levels in the long term.

 
 
 

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