Anarock Report: Mall vacancies dip to 8.3% in H1 2024
09 December 2024, Mumbai
The Indian retail sector's rapid growth, driven by favorable economic conditions and rising affluence, has significantly boosted mall leasing activity, reveals the Anarock Retail Releap report for H1 2024. Mall vacancy rates have declined to 8.3 per cent, a sharp improvement from 15.5 per cent in 2021, as demand consistently outpaces supply.
Anuj Kejriwal, CEO & MD, Retail, Industrial & Logistics at Anarock, highlights the robust leasing of superior malls operating at near-full capacity. "Leading national and global brands are actively seeking quality spaces in prominent malls and high streets," he noted.
Apparel & Accessories and Food & Beverages remain key drivers, while stores for watches and jewelry now comprise 6 per cent of retail leasing volume. Smaller spaces, up to 2,500 sqft, dominated 70 per cent of leases. However, larger spaces are poised to gain traction as fresh supply enters the market, primarily in NCR, MMR, and Hyderabad, which account for 85 per cent of future supply.
Rising high-street rentals further underline the demand rise, which is expected to persist until new quality spaces are introduced.
