BENGALURU: Not just in the residential sector, but also in retail, Bengaluru recorded an increase in leasing by 39% Y-o-Y, across malls and high street, between January and June 2024. The total leasing during the six months stood at 1 mn sq ft, compared to 0.8 mn sq ft in the corresponding period last year.
The data was released in the ‘India Retail Figures H1 2024’ report on Tuesday by real estate consultancy CBRE South Asia. In Bengaluru’s tenant sectors, fashion and apparel led with a 40% share, followed by F&B at 15%, and homeware and departmental stores with a 12% share.
According to the report, in H1 2024, the absorption was led by Bengaluru, followed by Chennai and Delhi-NCR, which accounted for nearly 59% of the total leasing. “In coming quarters, the influx of investment-grade mall supply will influence primary leasing trends, while leading malls across key cities will continue to witness strong demand for secondary spaces. Strong demand for fashion and apparel products continued in H1 2024, primarily led by mid-range, value fashion and athleisure brands. The entertainment sector (13%) and homeware and department store (11%) were the other categories that drove leasing during the review period,” it stated.
CBRE India MD (Advisory & Transactions Services) Ram Chandnani said steady retail leasing activity was witnessed in Q2 2024. However, ongoing introduction of quality supply is expected to continue stimulating an uptick in overall space absorption.