NEW DELHI/BENGALURU: Supply of retail space for luxury brands is expected to double in the next three to four years, according to property consultant CBRE. Companies including DLF, Reliance Industries, Phoenix Mills, Mumbaibased Maker Group and Shobha Developers have a lined up a host of projects — both malls and other commercial buildings — in cities like Delhi, Mumbai, Chennai and Bengaluru. These are expected to take off soon, creating additional supply for retailers.
NEW DELHI: The real estate market in the country's top eight cities recorded a 320% year-on-year jump in affordable home launches in the quarter to June, according to a report by property advisory Cushman & Wakefield, indicating a shift in strategy by builders to beat the slump. Developers launched 7,000 affordable units in the period against 1,670 in the year-ago quarter, the report said. Of these, 60% or 4,251 units were launched in the National Capital Region, which comprises Delhi and nearby cities such as Faridabad, Gurgaon, Ghaziabad and Noida.
TORONTO — New home construction in Canada picked up in April, shaking off the effects of this year’s harsh winter, though economists still expect activity to cool gradually in 2014.
The seasonally adjusted annualized rate of housing starts rose to 194,809 last month from 156,592 units in March, data from the Canada Mortgage and Housing Corp showed on Thursday.
That surpassed analysts’ expectations for a gain to 175,000.
March’s housing starts were revised slightly lower from the 156,823 reported initially.
Over 1.7m sq ft of retail space, a rise of 61 per cent on the previous year, was lost in 2013 as developers sought to change under performing shops into other uses, with the North West accounting for more than a fifth of all space lost countrywide.
At first blush, the chart below tells the story of the demise of brick-and-mortar retail in the United States. "Nearly 140 million square feet of shopping center space was built in the U.S. between 2002 and 2008," says ChainLinks Advisors in its Fall/Winter 2013 Retail Review & Forecast.
Google will be dramatically expanding its New York City presence sometime in the near future. Crain's New York reported earlier this week that the search giant had signed on for 250,000 square feet of space at Pier 57, located on the west side of Manhattan.
BRAMPTON, Ont. — Choice Properties Real Estate Investment Trust plans to acquire a portfolio of 10 commercial and retail properties across the country for a combined price of $150 million.
Nine of the properties are being bought from Choice’s majority owner, Loblaw Companies Ltd. Two are located in Nova Scotia, six in Ontario and one in British Columbia, Choice said in a release Thursday.
What does Hong Kong offer retailers that Toronto doesn’t have? Apparently more room for expansion.
Hong Kong finished first in the world as the hottest market for attracting new retail entrants while Toronto had to settle for 17th, says a new study.