Increase in Demand of Retail Space by 15% in Shopping Malls

There has been a sudden increase of almost 15% in the leasing of retail spaces in shopping malls. This happened during the April-June Period and the demand rose to 6.12 lakh square feet across major cities according to Cushman & Wakefield.

More Insights by the Data

The data by Wakefield mentions that the demand for retail space has increased by 4 percent annually in major cities. This percentage was almost 14 lakh square feet at the time of the second quarter of 2024.

In addition to this, the leasing activities in shopping malls have rose to 6,12, 296 square feet during April-June 2024 from 5,33,078. Further, high street locations also saw a 4 percent growth in leasing of up to 13,89,768 square feet from 13,31705.

As per the data, various types of malls have been listed-Grade A and Grade B, including some prominent mainstreets. The names of cities mentioned in the data are Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.

Comments on the Report

Saurabh Shatdal, Head Retail and Managing Director. Capital Markets has stated that the second quarter of this year was marked by an evident demand for Grade A malls and high street retail. In addition to this, growth in both kinds of spaces signifies the vibrancy of India’s retail Landscape.

While there is a sudden growth in the high street rent. the upcoming Grade A mall supply is expected to stabilize rental costs in the short to medium term. The supply is expected to be 4.5 million square feet.

However, the main street activity is expected to remain healthy followed by the dominance of domestic brands, accounting for 53 percent of the leasing volume. In addition to this, there will be commendable performances by Fashion and Food & Beverage.

He also highlighted the continuation of the dominance of main street retail leasing. which is limited to the opening of new malls and demand for high retail spaces. Also, retailers are focusing more on main streets in locations across India.

This trend is being reflected in leasing activity of high street leasing accounting for 70% of the total leasing in quarter 2 this year. He further added that the increase in rental growth of prominent main streets signifies appeal to growth.

Now, let’s see what more is there for us in terms of the demand for retail space!

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