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The average mall vacancy in the southern cities of Chennai, Hyderabad and Bangalore dropped to 5.7 per cent in the third quarter (July – September) of 2009 from seven per cent in the second quarter.However, supply in these three cities increased by one million sft, up 33 per cent from the second quarter, according to Cushman & Wakefield, a commercial real estate services and research firm.
Alongside this development, rents stabilised in these markets in the third quarter as against the corrections they had witnessed in the last six to seven months.
Rents in major cities and markets are expected to remain stable in the coming few months. Over 60 per cent of the anticipated supply during the quarter was delivered, a marked improvement from previous few months, it said.
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