Over 30% mall supply deferred: C&W
The heat of mall culture across national capital region (NCR) seems to be gradually cooling off.
As per Cushman & Wakefield’s (Q&W) recent report on the national retail real estate market, the region has been witnessing the highest ever deferment of new floor space additions and vacancy levels within its malls.
The region has observed a deferment of more than 30 per cent of retail mall space against the projected supply for the first half (H1) of 2012.
Overall vacancy rate for the major cities, as of H12012, also stands marginally higher than the previous year. NCR saw the highest mall supply deferment of over 80 per cent, and the vacancy levels at 28 per cent.
However, the experts maintain that it is not yet a telltale sign of waning retail boom. Rather the influx of malls in the last six to seven years that has led to the mismatch in the demand-supply equation in the market which is being fueled by macroeconomic picture and financial woes surrounding the projects.
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