Fashion & apparel and Home & department store accounted for over 50% share in leasing in Jan-Sep’23
National – October 19, 2023 – CBRE South Asia Pvt. Ltd., India’s leading real estate consulting firm, today announced the findings of its latest report, ‘India Market Monitor Q3 2023’. The report highlights the growth trends and dynamics across the real estate sector in India.
According to the report, retail sector leasing witnessed 46% Y-o-Y growth in the Jan-Sep’23 period. The total absorption across the top 8 Indian cities stood at 4.73 mn. sq. ft, compared to 3.23 mn. sq. ft. in Jan-Sep’22. Fashion & apparel and home & department stores accounted for over 50% share in leasing. In terms of cities, Bangalore, Delhi-NCR, and Pune collectively accounted for a share of over 61% in leasing activity during this period. Supply addition also recorded a 577% Y-o-Y increase in Jan-Sep’23, crossing 2.98 mn. sq. ft.
During the nine-month period (Jan-Sep’23), fashion & apparel sector’s share in leasing stood at 34%, home & department stores at 17%, and food and beverage at 13%. Delhi-NCR, Chennai and Pune led leasing activity in the fashion & apparel category, while home & department store leasing was highest in Pune, Ahmedabad, and Mumbai. Bangalore recorded the highest leasing share of 30% during the Jan-Sep’23 period, followed by Delhi-NCR at 19%, Pune at 12% and Chennai at 11%.
