According to the recent ‘India Market Monitor Q2 2023’ report released by real estate consulting firm CBRE South Asia Private Limited, Hyderabad claimed 11% share in retail leasing during the April-June 2023 quarter.
The report highlighted that a total of 1.3 million square feet of retail space was leased across the country during this quarter, with Hyderabad contributing 0.1 million square feet to this figure. Other major cities also played crucial roles, with Bangalore leading the pack at 39%, followed by Delhi NCR at 24% and Chennai at 14%.
The leasing activity during the quarter was primarily driven by fashion and apparel with 38% share, food and beverage with 18% share, both luxury and home and department stores accounted for 11% share and the consumer electronic sector accounted for 7%.
“The retail leasing market presented notable trends and opportunities in the April to June quarter. With construction costs staying elevated, developers and investors are likely to explore redevelopment and redesign of existing spaces, particularly in prime locations with high occupancies and rents,” said Ram Chandani, Managing Director, Advisory and Transactional services, CBRE India.
