As per the Asia Pacific Property Digest for first quarter 2013 by real estate firm Jones Lang LaSalle, the retail space absorption in Delhi-NCR saw a decline of about 92 %in the first quarter this year, making it the lowest absorption in the last 15 quarters mainly due to constraints in the availability of space. The net take-up was around 50,700 sq ft, 83 % of which was contributed by the Suburbs.
In the Prime South, Forever 21 leased 11,000 sq ft in DLF Courtyard in Saket, while Kenneth Cole New York and ALT leased 2,000 sq ft each in Ambience Mall in Vasant Kunj. In the Prime Others, Reliance Digital leased 8,099 sq ft in Ansal Plaza and Haze leased 3,000 sq ft in Westgate Mall in Rajouri Garden. Other deals in this submarket were generally smaller sized leases. The Suburbs saw The Collective and Zara leasing 5,000 sq ft and 12,500 sq ft, respectively, in Ambience Mall in Gurgaon. Pizza Hut leased 2,400 sq ft in Ansal Plaza in Noida, while UCB leased 1,200 sq ft in Opulent Mall in Ghaziabad.
Retailers remained active in pre-committing to space in upcoming retail projects that offered the promise of good location, design, branding and business potential, the report said. No new projects became operational in the first quarter,2013 in the NCR-Delhi retail markets.