New Delhi witnessed a decline in retail rentals of 25 per cent and ranked 69th in rentals among the list of major cities across the world during the first quarter of 2009, according to global real estate consultancy CB Richard Ellis.
Prime retail rentals continued their downward trend during the period, which saw New York maintaining the top slot among cities, with high rentals despite a 10 per cent annual decline. New Delhi ranks 69th globally, with an average rental of $109 per sq ft each month.
“Demand for retail space has declined in most markets across the world, as consumers cut back on spending and unemployment continues to rise in many countries. New Delhi in India saw a 25 per cent decline in a six month period,” CBRE said in its report ‘Global Retail Rents Market View Q1’.
