Indian fashion-apparel sector's share in leasing 34% in Jan-Sep: CBRE
The fashion and apparel sector's share in leasing stood at 34 per cent during the nine-month period
Leasing of retail space increased by 46 per cent across eight Indian cities in the first three quarters this year to 4.73 million square feet (sq ft) on better demand, according to CBRE, a Los Angeles-headquartered commercial real estate services and investment firm.
The fashion and apparel sector's share in leasing stood at 34 per cent during the nine-month period.
The absorption of retail space stood at 3.23 million sq ft in the year-ago period. The data is for absorption of retail real estate space in shopping malls, prominent high street locations and standalone retail properties.
In terms of cities, Bengaluru, Delhi-National Capital Region (NCR) and Pune collectively accounted for over 61 per cent in leasing activity during this period.
Leasing of retail space in Delhi-NCR stood at 0.9 million sq ft, Bengaluru 1.4 million sq ft, Mumbai 0.3 million sq ft, Hyderabad and Chennai 0.5 million sq ft each, Pune 0.6 million sq ft, Kolkata 0.1 million sq ft and Ahmedabad 0.4 million sq ft.
There has been a remarkable growth in retail absorption and supply addition, said Anshuman Magazine, chairman and chief executive officer, India, South-East Asia, Middle East and Africa, at CBRE.
With a surge in newly available spaces and the onset of the festive season, CBRE anticipates a continued upswing in retail space, Magazine said.
The retail sector is on the brink of a remarkable transformation, where retailers are keen on revamping the in-store experiences with cutting-edge technology, personalised services and space optimisation, it noted.
Consumer spending and retail sales are expected to stabilise compared to the unprecedented growth last year, continued growth in categories like transportation services and apparel and footwear is expected, Magazine added.
