Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Thiruvananthapuram
Demand for retail space on the rise
The Central Business District (CBD) and Suburban Business District (SBD) micro-markets in the city continued to witness heavy demand from IT/ITES and financial sectors, notes the latest Jones Lang LaSalle report the Asian Pacific Property Digest (APPD).
Similar to the previous quarter, SBD witnessed higher absorption as compared to CBD. This is attributed to the CBD being congested and offering less available Grade-A office space for lease. The report states that despite the sub-prime crisis in the US, the Indian real estate market has remained strong throughout this global crisis. The report covers the Grade-A commercial and retail sectors across Mumbai, Delhi, Bangalore, Hyderabad, Kolkata, and Chennai. The retail space continue to grow at a solid pace and consumer confidence remains high, underpinned by rising household wealth and increasing or improving residential prices in markets such as China, Hong Kong, India,and Australia.The dearth of space in malls and high streets was leading to high pre-leasing activity in upcoming malls. Since the city has only operational malls with less than 1 per cent vacancy, high streets cater to new retailers planning entry into the city. Hyderabad witnessed a low net absorption of 3,000 sq ft in malls across the city due to low availability of space The demand for prime retail projects coupled with restricted supply of organised mall space will keep vacancy level low across micro-markets.
T. Lalith Singh
Printer friendly
page
Send this article to Friends by
E-Mail
Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Thiruvananthapuram
|
