Indian retail sector leasing grew by 130 per cent Y-o-Y to 1.5 million sq.ft. in January-March 23 and the fashion and apparel segment had a majority share in total leasing activity at 31 per cent, followed by Homeware and Department Stores at 19 per cent.
A report ‘India Market Monitor – Q1 2023’ by CBRE South Asia claims so. The report says that the supply during this period increased by 474 per cent Y-o-Y to 1.1 million sq. ft.
CBRE Group, Inc. a Fortune 500 and SandP 500 company is one of the world’s largest commercial real estate services and investment firms.
“Retail supply this year is expected to surpass 2022 levels owing to pent-up supply addition, with several investment-grade projects launched in the past two years set to become operational in 2023. This would give a fillip to primary leasing, which is likely to be the main demand driver for retail space in 2023,” said Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East and Africa, CBRE, said,
Ram Chandnani, MD, Advisory and Transactions Services, CBRE India, said, “We believe that retailers will seek spaces beyond conventional malls and high streets to diversify their location plans, thereby enabling supply chain modifications and facilitating customers to shop for any product at any time. Furthermore, omnichannel initiatives such as metaverse and social commerce will witness greater traction.”
