Mumbai records maximum growth in retail rent globally
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Mumbai has witnessed the highest growth in retail rentals globally with city's Colaba Causeway recording 75 per cent jump in rents over the last year, according to the report by property consultant Cushman & Wakefield.
Kolkata's Park Street and Chennai's Khader Niwaz Khan Road were at 5th and 10th positions, respectively, in the list of 'Top 10 - Global Highest Retail Rental Growth Markets 2012', C&W said in its report 'Main Streets Across the World'.
Khan Market in the national capital retained its position as the most expensive retail destination in India but globally its ranking dropped to 26th from 21st due to the weakening of the Indian rupee against US dollar, the report said.
"Mumbai witnessed the highest rental growth globally. Colaba Causeway in Mumbai recorded a rental increase of 75 per cent over last year, on the back of strong retailer demand and continuous preference for prime high street properties in the city," C&W said in a statement.
Colaba Causeway had a monthly rent of Rs 700/sq ft as on June 2012, up by 75 per cent from June 2011, the report said.
Kolkata's Park Street stood at fifth position with 53.8 per cent rise in rentals, while Chennai's 'Khader Niwaz Khan Road' ranked 10th with 36.7 per cent jump in rents. Garcia d'avila (ipanema) in Rio De Janeiro (Brazil) and Times Square in New York (US) were at second and third positions with rental growth of 64.7 per cent and 55.6 per cent, respectively.
Commenting on the report, C&W Director (Retail Services) Jaideep Wahi said that traditional high streets across India have been witnessing renewed interest fromretailers thereby keeping rental values high in these locations.
"The possibility of a boom in global retailers in India, existing global brands have been showing urgency to occupy prime retailing locations. Thus prime retailing locations of Mumbai, Kolkata and Chennai have recorded high growth in rental values in the last year," Wahi added.