Experts predict that an upgrade in infrastructure and an increase in leisure travel will drive growth in highway retail. Brands such as Tata Croma, Starbucks, and Uniqlo have already opened or are planning to open stores on highways. Developers are also investing in highway retail, with projects such as a 500,000 sq ft mall on the Mumbai-Nashik highway and a 1.5 million sq ft retail space on the Chandigarh highway.
The Indian commercial real estate sector has shown resilience and sustained growth despite global headwinds. Office space absorption in key markets during the September quarter reached its highest level in 18 months. Gross leasing activity also surpassed pre-pandemic levels, with the manufacturing sector leading the way. The strong demand is driven by India s tech ecosystem, which is experiencing increased offshoring and research and development work.
However, on a Year-to-Date comparison, net absorption in 2023 is slightly lower by 13.9 percent compared to Jan-Sep 2022 as firms deferred growth plans and looked at portfolio optimisation given the global sluggishness; Hyderabad and Bengaluru take the top spot accounting for 49% of the quarterly net absorption
India's office space demand hits 18-month high in Q3: JLL India thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.