According to the findings of CBRE’s latest report titled “India Retail Market view”, Indiawitnessed increased transaction activity and retailer expansion in H1, 2012. Leading brands & retailers pursued expansion plans aggressively, increasing their presence across key retail hubs. In all the seven cities presented in the review, the retail real estate market appears to be promising with an increase in retailer enquiries.
Retail mall rentals witnessed growth in prime city micro markets of Delhi, while values in high streets increased in Mumbai, Bangalore & Pune. The same can be attributed to the heightened interest by retailers coupled with a low base of supply addition as developers continue to focus on attracting tenants in completed products and reducing current vacancy rather than launching new projects.
Nearly 1.12 million square feet of mall supply was added in H1 2012 (concentrated largely in Bangalore), which was less than 20% of almost 6 million square feet of space added during the same period last year.
Mr. Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia Pvt. Ltd said, “The rising level of activity in retail space across key cities is testimony to the growing confidence of domestic and international retailers in India. Retailers are looking to expand their operations beyond the top three cities to include the likes of Hyderabad, Chennai, Kolkata & Pune and Chandigarh due to growing urbanisation and an increase in the acceptance of organised retail.”
Going ahead, transaction activity and size are expected to increase on the back of higher consumer spending and expanding mid-income purchasing power. The anticipated changes in the FDI regime should propel the demand for organised retail space further.
About CBRE Group, Inc.
CBRE Group, Inc. a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has about 34,000 employees (excluding affiliates), and serves real estate owners, investors & occupiers through more than 300 offices (excluding affiliates) worldwide.
CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
CBRE was the first independent international real estate consultancy to set up offices in the Indian Sub-continent with an office in New Delhi in 1994. Since then the India operations has grown to a network of offices in all the major metropolitan cities. Now with over 2600 professionals, CBRE South Asia Pvt. Ltd. is one of the leading real estate consultants in the Indian subcontinent. We provide our clients with a number of services in the core areas of Strategic Consulting, Capital Markets, Valuations/ Appraisals, Agency Services, Asset Services & Project Management. Our guiding principle has been to provide our clients with tactical and strategic solutions that make real estate holdings more productive and economically efficient.
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Mail: charles@conceptpr.com
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