India is among the top ten global markets to record the highest rental increase year on year, said the annual report, ‘Main Streets across the World 2013’ by global Real Estate consultancy firm, Cushman & Wakefield.
Mumbai’s Linking Road recorded a correction of approximately 12% y-o-y, ranked 11th in the survey for sharpest declines globally. “Once popular with brands for opening their flagship stores, it has been witnessing competition from some upcoming shopping centres in the vicinity which retailers prefer on account of better amenities and lower rentals. Linking Road suffers from aspects like poor accessibility, parking and other amenities,” it said. Kutuzovsky Prospekt in Moscow, Russia recorded the highest rental growth of 42% y-o-y.
The report said that in the global ranking of most expensive retail locations, India however, dropped in the ranking from 26th to 28th position. This was due to weakening of the Indian Rupee against US Dollar and largely stable rentals with limited increment in rental values in established retailing sectors. Hong Kong’s Causeway Bay remained at top position as the most expensive retail location in the world followed by New York’s 5th Avenue (2nd) and Avenue des Champs Elysees in Paris (3rd).
Source: The Times of India