ANYBODY THERE?

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} Tentative queries for retail space are keeping malldevelopers' hopes alive Even through many retailers have announced aggressiveexpansion plans for the New Year, queries for retail space have been restricted to a few malls in select locations. With developersoffering attractive deal structures and revenue-sharing models, retailerinterest has revived, though not in a big way, for opportunistic leasing,leaving developers struggling to get more clients. The malls that are being built are being eyed by multiplexoperators and hypermarkets for anchoring large spaces. However, developers havebeen successful in converting just a few enquiries into actual transactions,according to Market update ­ 4Q'09 by Jones Lang LaSalle Meghraj Research. The fourth quarter of last year witnessed improved footfallsand increased sales volume. With improved consumer sentiments and salesforecast figures for 2010, retailers are expected to focus on their expansionplans leading to fresh demand. Select mall projects that have good design, favourablelocation and professional mall management are expected to witness healthyabsorption in 2010. More vacancies, less absorption The average vacancy level across all micromarkets increasedfrom 20.6 per cent in the third quarter of last year to 21.3 per cent in thefourth quarter. The reason was a rise in vacancy level in prime locations from33.7 per cent in the third quarter to 37.9 per cent in the fourth quarter. Net absorption in theNCR retail market in 2009 was observed at 445,000 sq ft (41,400 sqm)compared to 959,000 sq ft (89,100 sqm) in 2008. The key transactions in the fourth quarter of 2009 were: Planet Fashion - 5000 sq ft in DLF Place Saket in SaketDistrict Centre; Prime South. Adidas - 1500 sq ft in MGF City Square in Shivaji PlaceDistrict Centre - Prime Others. As far as the supply is concerned, the Delhi retail marketwitnessed completion of two new malls in the fourth quarter: 100,000-sq ft(9,290 sqm) D Mall by Mera Baba Realty Associates in Pitampura and 150,000-sqft (13,935 sqm) West Mall by PP Estate in Janakpuri. Both malls are located inthe North West Delhi region (Prime Others micro-market of NCR). The malls have long been strata sold by developers and donot provide adequate space for large anchor retail or multiplex operators. Bothmalls commenced operations with low occupancy. Asset performance: With major correction recorded in thefirst half of '09, the rate of decline in rental and capital values slowed downin the second half. In the fourth quarter, the correction in rents in the NCR retail marketcontinued at almost a similar rate as observed in the third quarter. A steep fall in rent Mall rents fell by 6.0 per cent quarter-on-quarter in PrimeSouth (compared with 7.4 per cent in the third quarter of '09), 8.0 per cent inPrime Others (7.4 per cent in the third quarter) and 12.2 per cent in thesuburbs (10.3 per cent in the third quarter). On a year-on-year basis, thecorrection was steep in 2009. Rents in Prime South corrected by 35.0 per centin 2009 (compared with 4.0 per cent in 2008), 45.0 per cent in Prime Others(16.0 per cent in 2008) and 46.0 per cent in the Suburbs (17.0 per cent in2008). While rents and capital values almost corrected by 50.0 per cent, netabsorption in 2009 was not even half of the level seen in 2008. The next 12-month outlook Albeit the optimistic economic forecast and improved growthprojections for 2010, the retail mall market will take longer to recover.Though each micro-market has a couple of malls that will help lead recovery,yet the oversupply will continue to put pressure on rents for a longer time. Interms of stock under construction, about 4.5 million sq ft (410,000 sqm) ofretail space could be ready by end2010. Based on the market activity in thefirst quarter of 2010, there will be more clarity on supply delays and rentalpressures for 2010. Courtesy:- HT dt:- 06th Feb. 2010 For more about real estate, Indian real estate, property,homes, houses, flats, apartments, villas Log on to http://www.zameen-zaidad.com And         http://www.propertycafeteria.com  

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