India's Retail Real Estate Sees 3.1 Million Sq Ft Leasing in Q1, High Streets Lead Growth
India retail realty leasing touches 3.1 million sq ft in Q1; high streets outpace malls
The Economic Times
Image: The Economic Times
In the first quarter of 2023, India's retail real estate leasing reached 3.1 million sq ft, driven by high street formats which accounted for 48% of the total leasing activity. Despite a 15% sequential decline, year-on-year leasing was up 1%, reflecting strong demand amidst limited supply of new mall spaces.
- 01Retail leasing in India's top seven cities reached 3.1 million sq ft in Q1 2023.
- 02High streets accounted for 48% of total leasing activity, surpassing shopping malls.
- 03Mumbai led the market with a 26% share of total leasing volumes.
- 04Domestic retailers dominated with a 79% market share, while international retailers saw 48% year-on-year growth.
- 05A substantial pipeline of 46.1 million sq ft is expected to support future growth in the sector.
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India's retail real estate market demonstrated resilience in the first quarter of 2023, with 3.1 million sq ft of gross leasing across the top seven cities. Although this marked a 15% decrease from the previous quarter, it represented a 1% increase year-on-year. The high street retail format surged, capturing 48% of total leasing, while shopping malls accounted for 40%. Mumbai led the leasing activity with a 26% share, followed by Bengaluru and Delhi NCR at 21% each. Domestic retailers maintained a strong presence with a 79% market share, while international retailers recorded a 48% increase in leasing activity. With a future pipeline of 46.1 million sq ft scheduled for delivery between 2026 and 2030, the sector is poised for long-term growth, supported by increasing demand and expansion plans from both domestic and international retailers.
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The growth in retail leasing indicates a strong demand for retail spaces, which may lead to increased job opportunities in retail and related sectors as new stores open.
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