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Hyderabad sees rise in retail leasing in H1
The Hyderabad city recorded absorption of about 2.4 lakh sft in investment-grade malls and high streets, said real estate consulting firm CBRE South Asia in its ‘CBRE India Retail Figures H1 2022’.
According to the report, the retail space supply in the city was at 3.7 lakh sft during the first six months. With improving sentiments towards offline stores, space take-up increased across malls on a half-yearly basis.
Leasing was driven by fashion and apparel brands with a 35 per cent share in total absorption, followed by entertainment (34 per cent) and consumer electronics (10 per cent).
The report said the retail sector leasing in India increased by about 166 per cent Y-o-Y crossing 1.5 million sft. As of June 2022, the total investment grade mall stock crossed over 77 million sft.
Hyderabad, Delhi-NCR and Pune, and Bengaluru accounted for more than 70 per cent of the overall retail space take-up. Pent-up supply is likely to enter the market during the second half of the year and leasing is expected to pick up.
“Retailers have regained confidence and are set for expansion mode. Domestic brands will remain proactive in relocations/expansions, and a strong appetite from international retailers will continue. We foresee retail leasing to touch 6-6.5 million sft in 2022, twice the 2021 quantum. We expect many international brands to launch stores in tier II and III markets,” said Anshuman Magazine, Chairman, CBRE.