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Dec 22, 2012
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Rentals go through the roof on high street
While many malls in the country are going vacant and space supply surpassing demand in many cities, shortage of quality space and heavy demand from retailers for high-footfall areas have pushed up high-street rents by 58 per cent this year. Vittal Mallya Road in Bangalore, Colaba Causeway in Mumbai and Camac Street in Kolkata have seen a rise in rents of 58 per cent, 56 per cent and 33 per cent respectively, said a study from global property consultant Cushman & Wakefield. "There are no good malls that are expected to come up in the next one or two years and hence demand for high street has gone up," said Rajesh Jain, director and chief executive of fashion brand Lacoste, which has a store in Colaba Causeway. "Also, mall rentals are already very high and there is no room for rents to go up further."
Source -
http://www.rediff.com
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