By Accommodation Times Bureau
In H1 2018 for retail space has seen a rise of over 75% year – on – year (y-o-y) recording a total absorption of 1.9 million square feet (msf) in the first half of 2018, a report said.
JLL in their half yearly update note that the new completions saw a decline of about 25% year –on –year with the total completion of new mall space recorded at approximately 2.1 msf in H1 2018 over 2.8 msf in H1 2017.
The retail market, which has been experiencing a new lease of life with investment interest in returning to the market, has also seen a growth in leasing activities from both international and domestic brands, it added.
“The retail scenario in India has started to show signs of maturity now, by concentrating on malls that will have longevity, sustainable business and have the scope of refurbishment and renovations in the future”, Ramesh Nair, CEO & Country Head, JLL India said.
The total net absorption for H1 2018 was recorded at close to 2 msf in the top seven cities of India:
-Chennai saw the highest absorption at 950,000 square feet (sf).
-Delhi (325,000) and Hyderabad (358,000) also saw healthy leasing activities
-Mumbai saw total new leasing of 118,000 sf in H1 2018.
The new supply for retail mall space was estimated to be 2.1 msf in H1 2018.