By laksh5382 
According to Cushman & Wakefield, leasing of retail space in shopping malls and major high streets increased by about 5 per cent during January-September this year in eight major cities.
real estate Consultant Cushman & Wakefield data showed that absorption or leasing of retail space in grade-A malls and main high streets in the top eight cities stood at 5.53 million sq ft during January-September 2024, compared with 5.29 million sq ft in the same period. Was. Previous year.
These eight cities are Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad.
“India’s retail real estate growth remains intact, as seen from the strong leasing numbers in both malls and high streets,” said Saurabh Shatdal, managing director (capital markets) and head-retail-India, Cushman & Wakefield.
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He said rising discretionary spending and rising consumer preferences are driving demand for premium retail spaces.
However, Shatdal said India will need to accelerate the development of quality retail locations in major cities to unlock greater transaction volumes, as it remains highly attractive to global retailers looking to expand their footprint. Are.
Commenting on the data, Akash Nagpal, VP-Leasing, realty firm Trehan Iris, said the growth reflects a strong rebound and a sense of renewed confidence in the retail sector.
“As consumer behavior evolves post-pandemic, there is a clear demand for dynamic, experiential spaces. Therefore, our vision is to create retail destinations that not only meet traditional retail needs but also foster community engagement, such experiences provide that cannot be replicated online.”
Sameer Verma, General Manager, Lulu Mall, Lucknow, said the steady growth in mall leasing activity across major cities underlines the strong recovery and expansion of the retail sector.
“This positive trend aligns with our vision of creating world-class retail experiences that meet consumer preferences while fostering a thriving ecosystem for our retail partners,” he said.
According to Cushman & Wakefield data, lease of retail space on high streets increased to 3.82 million sq ft during January-September this year from 3.44 million sq ft in the year-ago period.
However, absorption of retail space in shopping malls declined to 1.72 million sq ft from 1.85 million sq ft.
In cities, key high-street locations in Hyderabad witnessed strong demand for retail space, with leasing of 1.72 million sq ft during January-September 2024, compared to 1.60 million sq ft in the year-ago period.