Leasing activity remained slow across all cities except Mumbai in the month of May, according to Jones Lang LaSalle’s (JLL) monthly .real estate monitor report. F&B brands dominated the retail leasing activity in Mumbai. Both high streets and malls garnered almost equal share of demand. Major transactions included Go Colors and Auto Hangar leasing in suburbs and Zafran leasing in suburbs and North Mumbai.
Bangalore’s retail market saw a slow demand for retail spaces. Bombay Dyeing leased space in Jayanagar and Hungary Hogs leased space in Yeshwanthpur. Chennai high street witnessed stable demand while supply constraints limited the demand in malls. Some of the major deals included Reliance Trends opened in T Nagar, Nilgiris Supermarket opened in Velachery, and Reebok store leased space in Nelson Manikam Road.
In Delhi, the demand remained slow with some activity seen in under construction malls, retailers were looking at portfolio rationalisation in upcomig malls as part of new expansion plans. Major transcations during the month were Kirti Creations in Gurgaon, Motimahal Delux, and Global Desi in Ghaziabad.
The demand in Hyderabad continued to remain stable on high streets and malls. Noteworthy transactions included Mochi leasing space at Begumpet, PHD at Miyapur and Malakpet, and Revlon and Zodiac at Manjeera Trinity mall.
Kolkata witnessed a stable demand for retail spaces in organised malls while transactions witnessed pace all over the city. Some of the key deals were Shoppers Stop at Suburbs, Dominos at Prime Others, and Bombay Dyeing at Prime Others and Suburbs.
A subdued leasing activity in retail space was noticed in Pune during May. Transactions were restricted to only small leases on high streets retail areas.
Jones Lang LaSalle, JLL, is a professional services and investment management firm offering specialised real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management.
JLL has over 50 years of experience in Asia Pacific. JLL India is present across 11 cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) offering comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, and retail advisory.