Expected to reach 6.5 million sq ft in 2024
The CBRE report predicts that retail leasing is likely to continue strong this year. It is expected to reach 6 to 6.5 million square feet by the end of this year. It is said that leasing activities are likely to be brisk in malls and high streets, especially in Hyderabad as well as Bengaluru and Delhi. CBRE has released a report titled 2024 India Market Outlook.
The completion of high-quality mall developments at multiple locations will provide a stable supply environment for the retail sector in 2024, it said. Overall, 5 to 6 million square feet of investment-grade mall space will be available in Tier-1 cities by the end of this year. Retail demand in investment-grade malls, prominent high streets, and independent developments has been steadily increasing since 2020. About 7.1 million square feet of leasing activity took place in 2023. Especially in Bengaluru, Delhi, and Mumbai, these were more common. It is noteworthy that the share of these three cities in total leasing is 61 percent. In 2024, the home decor segment is likely to expand in both online and offline formats within the retail category. However, the report states that fashion and apparel companies will continue to expand in malls and on high streets. The report opined that domestic jewellery brands will also expand.
