New shopping streets take over old ones in Ahmedabad
A real estate consultancy report highlights that while commercial rentals in one-time high streets like SG Highway and CG Road in Ahmedabad saw a marginal increase of 4 to 6 per cent, for Prahaladnagar and Law Garden it jumped to over 20 per cent on year-to-year basis.
The focus seems to be moving away from the former sought-after retail destinations to new destinations.
The report by Cushman & Wakefield says that renting out a shop in Maninagar malls has become costlier than one at SG Highway where the mall vacancy is over 50 per cent. Mall space rental rate for Maninagar is Rs 65 per square feet while it is Rs 47 for SG Highway.
Vastrapur stacks the most expensive mall space in the city. Ahmedabad at present has 14 operational malls covering a total space of 4.56 million square feet.
According to the report, the mall vacancy in the city was 34 per cent at the end of June, 2012; which had reduced over the previous quarter due to increased leasing activity in Vastrapur and Maninagar.
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Source: The Times of India
Ahmedabad, CG Road, commercial rentals, Cushman & Wakefield, Law garden, Mall space rental rate, mall vacancy, Malls, Maninagar, Prahaladnagar, real estate consultancy, SG Highway, Vastrapur
