Retail Real Estate Leasing Up 21% in 2022 in Top 8 Cities
The leasing of retail real estate space in quality shopping malls and prominent high-streets rose 21 per cent last year across eight major cities at 4.7 million square feet as retailers looked to expand stores, according to property consultant CBRE. The absorption of retail space in 2021 stood at 3.9 mn sq ft. As per CBRE data, the leasing of retail space in Ahmedabad rose to 0.10 million square feet last year from 0.03 million square feet in 2021. The absorption in Chennai grew to 0.45 million square feet from 0.26 million square feet, while in Delhi-NCR the leasing went up to 0.96 million square feet from 0.36 million square feet. Pune saw leasing of 0.43 million square feet last year as against 0.19 million square feet in 2021, while Kolkata witnessed an absorption of 0.18 million square feet as against 0.10 million square feet. However, the leasing of retail space declined in Hyderabad to 0.31 million square feet from 0.64 million square feet in 2021. The absorption of retail space in Mumbai fell to 0.39 million square feet last year from 0.66 million square feet. The data includes space take-up in investment-grade malls, prominent high-streets and standalone developments. India is expected to see 16 new malls opening in tier 1-2 cities in 2023 and a similar number in 2024 and it is a clear expectation of participants that e-commerce and physical shopping will co-exist, Randev said. CBRE said international brands such as Tim Hortons, Victoria's Secret, and Uniqlo continued to expand during July-December last year despite global headwinds. As tier II cities continued to gain popularity, Uniqlo opened its first store in Chandigarh, Tim Hortons entered Ludhiana, and Starbucks, Biba, and Shoppers Stop opened in Dehradun.
Tags : leasing retail real estate shopping malls retailers CBRE