Recession and then inflation is all set to burn the eyes in the market of the real estate around the nation. Tier I city Bangalore is also facing the same consequences as the market growth was flat till the last end of the third quarter. Now it has been witnessed that there is very less demand for the spaces in various malls and other market area. But on the other hand the retailers like Future group and Reliance is making their way in number of spots in posh high streets. According to the sources the over all occupation during the third quarter was limited to 585000 square fit. It was around 116,646 sq fit that was absorbed in the various places like Indiranagar, Koramangala, Whitefield, BEL Road and Old Madras Road. Infect the conclusion of Park Square Mall in Whitefield and Soul Space Arena along the Outer Ring Road has made the vacancy rate of 4.9 percent to that of 7.9 per cent in the same quarter. On the end of the day it comes around 66% to the occupancy rate of the city that was triggered by private assessment.
The major dealing during the third quarter is the lease of 21000 sq fit by the Reliance Digital in the posh locations of Residency road. Next is the lease of 14000 sq fit by Land Mark on the high streets of Infantry road. Key transactions during third quarter included Reliance Digital’s lease of about 21,000 sq ft in the high street on Residency Road and In mark’s lease of 14,000 sq ft on the lofty lane of Infantry Road in the Prime City location. Space area of 10000 sq fit in Jayanagar by Tanishq is also to be noted with the Hyundai’s 5400 sq fit lease at the Secondary sub market.
Source: NIMMA BENGALURU
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