One in Five Shopping Malls Lies Vacant
One in five shopping malls in India lies vacant, says Knight Frank. Rising ghost malls, poor tenant mix and outdated infrastructure impact retail real estate, reveals survey.
Vacancies in retail shopping centres across India are on the rise. A survey by real estate consultancy Knight Frank covering 365 retail properties in 32 cities revealed that one in five malls is vacant. The survey found that 74 malls have over 40% vacant space. Shopping centres that remain largely vacant for more than three years are classified as “ghost malls”, a category now accounting for nearly 20% of operational malls nationwide. Key reasons cited include excessive vacant space, poor tenant mix, and outdated infrastructure. However, 15 malls covering 4.8 million sq ft were redeveloped, generating an annual rental income of ₹357 crore.
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