Driven by recovery in the economy, demand for premium office space in the metros has improved during the December 2009 quarter, according to a report by Jones Lang Lasalle.
However the Mumbai retail market is still witnessing subdued demand with only a few requests converting into lease transactions. In 2009, retailers used just about a fourth of space they had occupied in the previous year. According to JLLM, about 8,14,000 sqft was leased during the year. Despite an improvement in activities during the H2 of 2009, leasing transactions in malls in Bangalore were lower than previous years. “The increase in available space was due to the completion of Mantri Mall with some vacant space,” said Gupta.
(Source: The Financial Express)