Entertainment leasing nearly triples in last one year in India: CBRE

Malls witnessed higher footfall, and this translated into increased visitors to other entertainment zones like gaming arcades, clubs, etc

Reflecting the evolving leisure preferences of Indians after the Covid-19 pandemic, the total leasing by the entertainment segment rose 179 per cent in 2023 to 660,000 sq ft from 240,000 sq ft, according to data released by real estate consultancy CBRE on Tuesday. This includes facilities like movie theatres, gaming arcades, and children's play areas.

According to the data, with this, the share of the entertainment segment in the overall retail leasing rose to 9 per cent in 2023 from 5 per cent in 2022.

CBRE said that in 2023, people returned to theatres to watch movies. "This resurgence in interest was met with a strategic and timely response from the film industry, which unveiled a series of blockbuster hits, including Gadar-2, Jawan, KGF, Pathan, RRR, Animal, and others," it said.

"The release of these highly anticipated films resulted in a notable increase in attendance at theatres."

Also, malls also witnessed higher footfall and this translated into increased visitors to other entertainment zones like gaming arcades, clubs, etc.

Among major cities in India, the highest leasing by the entertainment sector was witnessed in Bangalore which was half of the total at 330,00 sq ft. Chennai followed it at 110,000 sq ft and Delhi at Rs 60,000 sq ft.

Bimal Sharma, executive director and head (Retail) at CBRE India said, "We have seen a notable increase in foot traffic to entertainment zones, indicating a strong desire for shared entertainment experiences, and people are now seeking out experiences that bring them together."

For this, Sharma said, companies would need to focus on customer satisfaction.

Anshuman Magazine, chairman and chief executive officer (India, South-East Asia, Middle East & Africa) at CBRE, added that the sector would need to embrace innovation and sustainability to increase its appeal.

"Technology like digital ticketing and immersive experiences, alongside sustainable infrastructure, not only attracts visitors but also reduces costs and environmental impact. Collaborations with entertainment brands can further differentiate spaces and drive footfall," he said.