Retail Space Leasing

Leasing of retail space in shopping malls and prominent high streets rose nearly 5 per cent during January-September this year across eight major cities, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield data showed that the absorption or leasing of retail space in Grade-A malls and main high streets across the top eight cities stood at 5.53 million square feet during January-September 2024 against 5.29 million square feet in the corresponding period of the preceding year. These eight cities are -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad. Saurabh Shatdal, Managing Director (Capital Markets) and Head-Retail-India, Cushman & Wakefield, said, "India's retail real estate growth remains intact as can be observed from the strong leasing numbers, both in malls and main streets". Increasing discretionary spending and evolving consumer preferences are driving demand for premium retail spaces, he added. Shatdal, ...

Among the sectors, retail leasing was led by fashion and apparel which accounted for around 32 per cent of the total

The new supply of retail space in shopping malls increased 72 per cent last year to 59.48 lakh square feet across eight major cities to meet rising demand from retailers, according to Cushman & Wakefield. In 2023, as many as 11 shopping malls became operational, covering 59,48,395 square feet of space across the top eight cities. In the previous year, nine malls came into eight markets, totalling 34,49,222 square feet area. Hyderabad witnessed the completion of three shopping malls, while Pune and Chennai had two each. One shopping mall each came up in Mumbai Metropolitan Region, Delhi-NCR, Bengaluru and Ahmedabad. No fresh supply was seen in Kolkata. With 59 lakh square feet of mall commencing operations across the top 8 cities in India, Cushman said the year 2023 saw the biggest supply addition in the post-COVID world. In 2019, the same cities witnessed a new supply addition of around 50 lakh square feet of Grade-A and B+ malls. Saurabh Shatdal, Managing Director, Capital ...

By the end of 2023, office leasing space is expected to cross 50 million sq ft according to CBRE's 2023 Real Estate Overview and Outlook

At the end of 2023, retail leasing is expected to touch 5.5-6 million sq ft, the highest level after the 2019 peak of 6.8 million sq ft

Hyderabad, Delhi- NCR, Mumbai, and Bangalore account for 79% of overall retail space absorption

Both residential and leasing trends point to strong showing in FY23

Mall developers such as Prestige and VRSA are developing malls as not just malls but experience centres for shoppers

The supply of space in shopping malls fell by 63% to 19.5 lakh sq ft during the first three quarters of 2017