According to CBRE India, demand from retailers in the fashion & clothing, homeware, and department store categories is likely to fuel a 17–28% increase in the leasing of retail space in malls and significant high-street sites across eight major cities.
The report “2023 India Market Outlook” by real estate advisor CBRE South Asia Pvt Ltd, which identifies significant trends and forecasts for the real estate sector, was launched on Wednesday. “After reaching a peak of 6.8 million (68 lakh) square feet in 2019, retail leasing is predicted to reach 5.5-6 million (55-60 lakh) square feet in 2023. In 2023, it is anticipated that demand for retail space will continue to be driven mostly by primary leasing in recently finished malls “said the expert.
Numbers represent renting of space in prestigious high streets, investment-grade malls, and independent buildings. Ahmedabad, Bangalore, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai, and Pune are the eight cities being monitored. Due to lockdowns to contain the COVID pandemic, lease of retail space plummeted to 20 lakh square feet in 2020 from the peak of 2019.
