- Registers 24% growth in first six months
- Supply of the retail space grows by 148%
- Discloses CBRE report
In the first six months, the retail space leasing activity is on the rise across the country, registering 14% annual growth, to reach 2.87 million sft-mark, according to renowned real estate consulting organisation CBRE South Asia Private Limited. According to India Market Monitor Q2 report for 2023, the growth is 15% compared to the retail space leasing accomplished during July-December period of last year, 2.31 million sft.
The total share of the Bengaluru, Delhi and Ahmadabad in the total retail leasing activity is put at 65%. Similarly, the supply of retail space to the market grew by 148% during January-June this year. During the corresponding period last year the growth of retail space was 0.44 million sft as against 1.09 million sft during the first six months of this year. With regard to the retail space in malls, the growth across eight main cities of the country was put at 8%. Ahmadabad market ranked top with 73% supply of the space to the market, followed by Delhi with 20% share. During April-June this year, the total leasing of retail space was put at 1.3 million sft. The share of Bengaluru and Delhi in retail space leasing is put at 59%., which includes 35% of Bengaluru. The share of Chennai in this is put at 14%. Of the total leasing activity, the share of Hyderabad is put at 11%.
The prediction is that the retail leasing activities would develop manifold during the second half year of this year. There is scope for many global brands entering the market in various categories the luxury sector is likely to experience more growth, CBRE South-East Asia Middle-East and Africa CEO and Chairman Anshuman Magazine remarked. Meanwhile, the rents have registered a growth of 18% from 13% in South Kolkata, 12% from 8% in East Kolkata and 2% in Bengaluru markets, the report said.
