Retail mall space observes over 30% deferment, says report
According to a recent Cushman & Wakefield report, the Indian retail real estate market recorded a delay of more than 30 percent of retail mall space against the projected supply for the first two quarters of the year.
Approximately, 1 million sq. ft. of expected mall supply was delayed to later part of the year or next year. The overall vacancy rate for the major cities as of H1 2012 stood at 19.6 percent, slightly higher than the previous quarter.
NCR witnessed over 80 per cent mall supply deferment maintaining vacancy levels at 28 percent. The region saw only 120,000 sq. ft. of mall supply in Q1 and no supply in the second quarter of 2012.
Bangalore observed the highest mall supply of 1.5 million sq. ft. in H1 2012. The retail activity in the city remained steady as the new mall supply became operational with 90 percent occupancy, whereas overall city level mall vacancy stood at 12.6 percent.
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Source: India Retailing
Bangalore, Cushman & Wakefield report, highest mall supply, Indian retail real estate market, NCR, retail mall space, vacancy rate
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