15 percent increase in June
Revealed in Cushman and Wakefield report
There is a strong demand for retail space in shopping malls. During the April-June quarter of this year, the demand for retail space in eight major cities across the country increased by 15% to reach 6.12 lakh square feet. In the same period last year, it was 5.33 lakh square feet, according to the latest report by real estate consultant Cushman & Wakefield.
Overall, the demand for retail space in the main centres of these eight cities increased by 4% compared to the same period last year, reaching 13.89 lakh square feet. Last year during this time, the demand was 13.31 lakh square feet. Additionally, rents in Hyderabad, Mumbai, Kolkata, and Bengaluru have increased compared to last year.
The report notes that due to the limited number of new malls opening, there is a high demand for retail spaces with superior amenities. Retailers are prioritizing leases on major roads in prominent areas. The report indicates that 70% of the total leasing activity during the April-June period was focused on these main streets. As a result, rents in these areas have also risen. However, with the upcoming addition of 45 lakh square feet of Grade A space, rents may stabilize soon, according to Sourabh, Head of Retail at Cushman & Wakefield.
