New Delhi, Oct 11 : As the pandemic has severely businesses, rents of high-end commercial spaces have also taken a dip. The average monthly retail rents in major retail locations of the national capital -- Connaught Place, Khan Market and South Extension I and II -- declined 14 per cent during the July-September quarter compared to the same period last year, said a report by Cushman & Wakefield. The average retail rent in Khan Market during the third quarter of 2020 was Rs 1,200 per square feet a month. Similarly, the average retail rents in Connaught Place and South Extension I and II were Rs 900 and Rs 600 respectively. The rents in other commercial areas of the National Capital Region (NCR) also took a hit, as the average retail rents in Gurugram's Sector 29 and Noida - Sector 18 fell by 23 per cent and 28 per cent respectively. The report noted that rent renegotiations continued to remain a key feature in retailer-developer conversations as the business activity in physical retailing has taken a severe hit due to the pandemic, and many retailers have explored the e-commerce route where success has been better. "Partial rent waivers and staggered rental payments for different periods already offered to retailers by some large mall operators in the city are being agreed for new transactions as well, albeit with a short-term view," it said. The report titled 'Market Beat Delhi-NCR Retail Q3 2020' said that liquidity challenges of retailers and financial obligations of landlords underscore the need to arrive at mutually agreed terms on both sides to tide over the challenging situation presented by Covid-19. While retailers continued to demand rental rebates and explore pure revenue share arrangements in a time of sluggish sales, mall owners are looking at this as short-term for the next 6-9 months, while also asking for increased rents beyond a certain time and a higher lock-in period commitment in return, it added. /IANS