One out of five shopping centres vacant over 40% across 32 cities: Knight Frank

There are 74 ghost shopping centres — those with vacancy of more than 40 per cent — out of 365 such retail properties across the top 32 cities, according to Knight Frank.

Real estate consultant Knight Frank India on Tuesday released a report, 'Think India Think Retail – Value Capture: Unlocking Potential’, which has mapped the country’s retail real estate across 32 cities.

"A significant finding of the report is that nearly one-fifth of India’s operational shopping centres fall into the category of ’Ghost Malls’ – assets marked by high vacancies, weak tenant curation, ageing infrastructure, and declining relevance,” the consultant said.

Across 365 shopping centres surveyed, as many as 74 have been classified as ghost assets, representing 15.5 million square feet (mn sq ft) of area.

Wit