Retail leasing sector was undoubtedly the most affected one because of the Covid induced disruption, and many experts wrote an obituary of brick-and-mortar retail facing the onslaught of online shopping. However, the first 9 months have put to rest all these apprehensions as Retail leasing rises by 114% YoY, crossing 3.4 mn sq ft during this period. This is as per the CBRE’s India Market Monitor report for Q3, 2022.
Noida is a well planned town with excellent civic infrastructure. It also provides businesses a gateway to the most populous state of India. A stable government in state has shown an alacrity to grow the economy, and sensing the opportunity in Noida-Greater Noida region, has announced a slew of projects here. Jewar airport, which will be the largest in India is expected to start operation in 2024 and will provide the needed impetus to commercial activities in the region.
What are the recent trends in commercial leasing post covid (e.g., restaurants and warehouses leasing)?
The commercial real estate leasing, however, has experienced some marked changes post Covid. While the impact of these changes have been different in different sectors, there are a few trends visible across the sectors.
Delhi NCR, the most populous and prosperous region in the country, has been attracting established businesses and entrepreneurs alike. While more than half of Fortune 500 companies have chosen it as their home, the region has also recently been a proud host to most of the unicorn startups in India.
It is imperative for a business to get the perfect commercial space that strengthens its unique proposition with both customers and employees. It is, therefore, critical to evaluate current business needs and understand future plans to define the kind of space needed.
The way retail and entertainment spaces have traditionally been leased is undergoing a change post COVID-19. Hybrid working and role transformation of employees is also modifying the need of businesses for space.