According to a report by CBRE, New Delhi has witnessed a significant decrease in retail rentals. The city experienced a 25% decline in rental rates and ranked 69th among major cities worldwide during the first quarter of this year.
Decline in Retail Rentals
New Delhi saw a substantial drop of 25% in retail rentals over the past six months. This decrease is part of a broader trend affecting retail spaces globally.
Global Trends and Factors
The decline in the demand for retail space is not unique to New Delhi. Across many markets worldwide, consumer spending has been curtailed, and unemployment rates have risen. These factors have significantly impacted the retail real estate sector, leading to reduced demand.
Impact on New Delhi
New Delhi, one of the major commercial hubs in India, has felt the ripple effects of these global trends. The city's ranking at 69th globally in rental rates during Q1 2023 reflects the challenging economic conditions and shifts in consumer behavior.