Mumbai high street rentals see biggest crash
Among the exceptions were Bangalore’s two iconic retail hubs, Brigade Road and Commercial Street, and Kolkata’s Camac Street.
By Anshul Dhamija, TNN |
BANGALORE: As the global slowdown pushed consumers to stay at home, retailers halted expansion plans and checked out of expensive high-street locations. Result: Rental rates at high street locations across the world crashed, with the biggest crashes in Mumbai.
Among the exceptions were Bangalore���s two iconic retail hubs, Brigade Road and Commercial Street, and Kolkata���s Camac Street.
Mumbai���s leading highstreet locations���Colaba Causeway, Linking Road and Kemps Corner���also reported the largest declines in rentals across the world on a year-on-year basis���63 .5%, 63%, and 60% respectively.
As per the annual global survey, Main Streets Across The World 2009, by global real estate consultants Cushman & Wakefield (C&W ), over three-fourth���s of the world���s most prestigious shopping streets saw rentals crashing anywhere between 17% and 63.5%. Around 18%, however, recorded a growth.
In the Asia Pacific region, the only locations to report positive growth were Ho Chi Minh City (50% increase), Myeongdong, Seoul (6% increase), East Nanjing Road and Middle Huaihai Road, Shanghai (4.5% and 2.6% increase), Brigade Road and Commercial Street, Bangalore (0%) and Camac Street, Kolkata (0%). However, the overall Indian rental rates crashed by a whopping 41%, making it the biggest fall across global markets. Greater Kailash I in New Delhi and 100 ft Road Indiranagar in Bangalore reported rental drops of 53% and 50%.
However, India continued to find a place among the 25 most expensive retail high streets in the world, with Khan Market in New Delhi (at Rs 950 per sqft) making it to the 24th spot, slipping from 17th in 2008. According to C&W , Brigade Road (Rs 375 per sqft), Commercial Street (Rs 250 per sqft) and Camac Street (Rs 268 per sqft) stand out from the rest primarily due to a 10-15 % growth in rentals reported in the last quarter.
But these locations saw a fall in prices by around Rs 50 per sqft during the course of the last one year, as per data provided by another global consultancy firm CB Richard Ellis.
Among the exceptions were Bangalore���s two iconic retail hubs, Brigade Road and Commercial Street, and Kolkata���s Camac Street.
Mumbai���s leading highstreet locations���Colaba Causeway, Linking Road and Kemps Corner���also reported the largest declines in rentals across the world on a year-on-year basis���63 .5%, 63%, and 60% respectively.
As per the annual global survey, Main Streets Across The World 2009, by global real estate consultants Cushman & Wakefield (C&W ), over three-fourth���s of the world���s most prestigious shopping streets saw rentals crashing anywhere between 17% and 63.5%. Around 18%, however, recorded a growth.
In the Asia Pacific region, the only locations to report positive growth were Ho Chi Minh City (50% increase), Myeongdong, Seoul (6% increase), East Nanjing Road and Middle Huaihai Road, Shanghai (4.5% and 2.6% increase), Brigade Road and Commercial Street, Bangalore (0%) and Camac Street, Kolkata (0%). However, the overall Indian rental rates crashed by a whopping 41%, making it the biggest fall across global markets. Greater Kailash I in New Delhi and 100 ft Road Indiranagar in Bangalore reported rental drops of 53% and 50%.
However, India continued to find a place among the 25 most expensive retail high streets in the world, with Khan Market in New Delhi (at Rs 950 per sqft) making it to the 24th spot, slipping from 17th in 2008. According to C&W , Brigade Road (Rs 375 per sqft), Commercial Street (Rs 250 per sqft) and Camac Street (Rs 268 per sqft) stand out from the rest primarily due to a 10-15 % growth in rentals reported in the last quarter.
But these locations saw a fall in prices by around Rs 50 per sqft during the course of the last one year, as per data provided by another global consultancy firm CB Richard Ellis.
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