Retail leasing in India increased by 21% year over year in 2022 to 4.7 million square feet, with 1.4 million square feet of supply. According to a CBRE report, leasing activity in 2022 was mostly concentrated in Bengaluru and Delhi-NCR (61%), while Chennai, Hyderabad, and Pune each had a 9% share.
What’s it about? Bengaluru had the biggest supply addition in 2022, with an 86% share, followed by Pune (14%), according to a report by CBRE South Asia titled “India Market Monitor 2022.” Hypermarkets, home goods & department shops, fashion & clothing, and food & beverage (F&B) were the major industries driving leasing activity in 2022.
- Bengaluru registered the largest share of mall completions throughout all of India in Q4 2022, with a share of 79%, followed by Pune (21%), according to the report.
Top drivers: The top industries driving leasing activity in Q4 were fashion and clothing (37%), home goods and department shops (12%), hypermarkets (10%), food and beverage (10%), and luxury (7 per cent).
- In Bengaluru, the high streets of Kammanahalli and HRBR Layout saw a 5–9% increase in rental prices.