Commercial Street sees rise in rentals

Commercial Street sees rise in rentals

Commercial Street rentals have surged beyond Brigade Road and M G Road rentals.

Traders pay anywhere between Rs 250-350 per sq ft for setting shop on Commercial Street, while M G Road runs at Rs 150-225 per sq ft and Brigade Road Rs 200-250 persq ft.

Commercial Street has 100 per cent occupancy, while M G Road and Brigade road have occupancy of 75-80 per cent. 

Commercial Street Traders Association’s Ajay Modwane says demand for space is high from traders, while supply is low.

While all three roads may have rent ranging more or less around Rs 250, our range goes upto Rs 350 per sq ft. This is because Commercial Street is purely a shopping district. Spending is concentrated and focussed on our street, he added

Potential demand

MG Road has geared up after Namma Metro became operational, but hasn’t seen exponential demand for space. The rentals have been fairly same the last few months. 

Trades Association President B Srinath says MG Road has to be reworked into a spacious walking area that will shore up shopping. “You see broken tiles in many places. There’s plenty of mud and garbage seen on the sides. The MG Road walk from Brigade Road towards Trinity Circle needs a face lift as it is too uneven.

 Making clean, and even pedestrian pathway will lift the morale on the left side of MG Road. Attractive plants can be placed all along the barrier on the pedestrian path too. All this will contribute to better rents for owners and better business for traders.

Brigade Road Association Secretary Yusuf Sohail says the street in recent times has seen a number of shops closing and new ones coming up. 

Business dull

“The turnover for many shops would be lower than the rent they pay. Brigade Road has over 200 shops and you’ll find that eateries and restaurants doing well. But there are also buildings at the beginning of Church Street which are not occupied.

As a result, rentals are around Rs 250 per sq ft, lower than what it has always been - Rs 350-400. We have many plans to bolster the shopping morale on the street, but we need BBMP’s support. The finance for revamping could be shared by the association and BBMP.”

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