Indian retail space leasing to continue momentum, likely to top 6.5-7 million sq ft in 2024
top seven cities underscoring the sustained appeal of prime locations to retailers led by rising consumption and is expected to continue the momentum until the end of this calendar year.
Gross leasing of retail spaces across these cities, including Mumbai, Delhi NCR, Bengaluru, Kolkata, Chennai, Pune, and Hyderabad is projected to exceed 6.5 — 7 million sq ft by the end of 2024 after topping 5.3 million sq ft in the first three quarters ending September, showed a JLL India study.
“Despite limited new retail space additions of slightly over 1 million sq. ft, the top seven cities’ robust gross leasing activity indicates retailers' strong appetite for prime retail locations. Fashion and apparel remained the top category with a 37% share, followed by food & beverage and entertainment at 18% and 12% respectively,” said Samantak Das, Chief Economist and Head of Research & REIS, India, JLL.
Bengaluru, Delhi NCR, and Mumbai have emerged as the frontrunners, collectively accounting for 59% of the total leasing activity. This concentration of demand in major metropolitan areas underscores the continued attractiveness of prime retail locations to retailers.
“Luxury and bridge-to-luxury retail maintained its momentum, with high-end brands securing 0.15 million sq ft of space in the first 9 months of 2024. Majority of this leasing happened in Delhi NCR and Mumbai with a combined share of 76%. This continued interest from luxury retailers’ signals a growing trend towards premiumization and confidence in the spending power of
