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28 Percent vacancy in malls, rentals may drop Report

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The city's retail market has recorded a vacancy level of 28% in the third quarter of the year on the back of increased supply, real estate advisory Cushman and Wakefield (C&W) said. In the July-September quarter the city retail space saw regular supply infusion in relatively short span of time, the report said.
Pune saw an addition of 160,000 sq ft of new mall supply in the third quarter of 2012, registering an increase of approximately 2%, in mall vacancy to 28%, C&W said. While transaction activities in malls have been subdued during the quarter, the addition of new mall space is creating a downward pressure on the rentals. MG road saw a decline of 6% in mall rentals over the quarter while rest of the locations saw stable rentals with a downward bias, the report said.
Jaideep Wahi, director of Retail Agency at C&W, said, "Pune has been witness to excessive retail developments in the last few years which is creating some stress in the market. Due to an oversupply situation, the rentals are holding up precariously, some even operating on threshold price. Thus rentals are expected to remain stable and in certain locations can even correct marginally to ensure retailer interest."
The rentals on the high street locations of Pune remained stable though no significant transactions were reported in these locations. Wahi said, "With an expected fresh supply of 700,000 sq ft by the end of the year, Pune's mall rentals are expected to remain under pressure. Since the fresh supply is in Hadapsar, which so far does not have any mall supply, this mall is expected to start operations with better occupancy."
Source: Times of India

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