Retail space leasing sees 5% growth, says report

Consultancy firm Cushman & Wakefield has released a report according to which, leasing of retail space in prominent shopping malls and high streets in the country increased by nearly 5% from January to September this year across eight major cities.  

Data from the real estate consultancy reportedly showed that retail space leasing in Grade-A malls and key high streets across these cities totalled 5.53 million square feet during the first nine months of 2024 compared to 5.29 million square feet during the same period last year.  

The eight cities covered in the report include Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad.  

Saurabh Shatdal, Managing Director of Capital Markets and Head of Retail-India at Cushman & Wakefield, has been quoted as saying that increasing discretionary spending and changing consumer preferences are driving demand for premium retail spaces.  

According to Cushman & Wakefield’s data, leasing of retail space in high streets rose to 3.82 million square feet from January to September this year, up from 3.44 million square feet in the same period last year. In contrast, the absorption of retail space in shopping malls reportedly decreased to 1.72 million square feet, compared to 1.85 million square feet in 2023.  

Among the cities, Hyderabad saw significant demand for retail space in its prime high-street locations, with leasing reaching 1.72 million square feet from January to September 2024, up from 1.60 million square feet in the previous year.