Here’s a rundown of Mumbai retail property market’s Q3 performance | Real Estate Asia
, India

Here’s a rundown of Mumbai retail property market’s Q3 performance

Net absorption was at 14,800 sq ft during the quarter.

The Mumbai retail market witnessed a slight increase in net absorption with the addition of High Street Phoenix Phase 4 to the Prime South submarket with around 32% occupancy, according to a JLL report. Overall net absorption stood at 14,800 sq ft in 3Q22.

Here’s more from JLL:

Most of the leasing activity in the quarter was recorded in the Prime South and Suburbs submarkets. Healthy leasing activity was recorded in the new High Street Phoenix Phase 4, with prominent brands Kazo, Columbia Sports, Starbucks, United Colors of Benetton and Curio Cottage taking up space in the mall.

Total stock increases q-o-q

High Street Phoenix Phase 4 was added to stock with a leasable area of about 60,000 sq ft. The mall recorded 32% occupancy upon completion.

Jio World Centre at BKC in the Prime North submarket is expected to become operational in 4Q22. Supply of around 4.8 million sq ft is scheduled to come online in the next four years.

Overall rents up slightly q-o-q

Overall rents increased slightly in 3Q22, backed by improving leasing activity in malls and increased footfall, which allowed developers and landlords to escalate rents with confidence.

Rents and capital values increased in all submarkets after COVID-19 restrictions were completely lifted. Yields declined marginally across all submarkets as capital values increased at a faster rate than rents.

Outlook: Retail market sentiment is upbeat

The retail market sentiment looks more optimistic now that pandemic restrictions have been completely removed. People are comfortable visiting malls and better footfall is expected in the near future, which is a positive sign for the overall market.

The retail sector is expected to see more traction across all submarkets with business normalcy restored. Jio World Centre at BKC is likely to complete in 4Q22 in the Prime North submarket with healthy pre-commitments. Retailers remain keen on brick-and-mortar stores even as they seek to adopt an omnichannel concept.

Note: Mumbai Retail refers to Mumbai's overall prime retail market.

 

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