1L sq ft of retail space leased in Kol from Jan to June this yr
Times of India | 31 July 2024
Kolkata: Around 1 lakh sq ft of retail space has been leased across Kolkata from Jan to June this year. While fashion and apparel sectors accounted for about 46%, consumer electronics was next at 21%, followed by health and personal care (10%).
The biggest in this period was by apparel brand Zudio, which leased 17,000 sq ft on Park Street. Electronics brand Croma was a close second with a lease on a 10,000 sqft property, and SS Beauty followed with a 9,000 sq ft lease at Quest Mall.Around 1 lakh sq ft was leased during the same period last year.
Pan-India, Bengaluru took the first place with 10 lakh sq ft of leased property from Jan-June, up from the previous year’s figure of 8 lakh sq ft during the same period. On an annual basis, retail leasing witnessed a growth of 7% year-on-year to touch 31 lakh sq ft, compared to 29 lakh sq ft in H1 2023.
CBRE chairman & CEO (India, South-East Asia, Middle East and Africa) Anshuman Magazine said, “Retail absorption increased in the first half of the year annually. The ongoing introduction of quality supply is expected to continue stimulating an uptick in overall space take-up in the coming quarters. Going forward, ongoing infrastructure development and rising passenger traffic unlock a significant opportunity for nationwide transit retail expansion.”
CBRE India MD (advisory & transactions services) Ram Chandnani said, “Steady retail leasing activity was witnessed in Q2 2024 every quarter. However, the ongoing introduction of quality supply is expected to continue stimulating an uptick in overall space absorption in the coming quarters. A growing number of direct-to-consumer brands are recognising the importance of establishing a physical presence to complement their online operations.”