Rising Retail Space in Metro Cities

The retail real estate market recorded a deferment of more than 30% of retail mall space against projected supply for the first half of the year, according to Cushman & Wakefield, in a recent report. Around 2.27 million sq ft of mall space was added to the existing stock in the first half of 2012, while approximately one million sq ft of expected mall space was deferred to the second half of this year or next year. The overall vacancy rate for major cities as of H1 2012 stood at 19.6% – marginally higher than the previous quarter, according to the report. However, despite deferment in retail space, rentals across most malls in cities like Delhi-NCR, Chennai, Bangalore, Mumbai and Kolkata remained largely stable, while some micro markets have seen a growth over the previous quarter in the range of 2-13%.

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