Bengaluru recorded 15.2 million square feet of gross leasable area in the first half of 2022, according to the latest report by Knight Frank India, a global property consultancy company. The gross leasable area of a commercial property is the area designated for the exclusive use of a tenant.
In Bengaluru, Grade B malls account for up to 50 per cent (7.6 million sq ft) of the total mall stock in the city. Grade A and C malls accounted for 42 percent (6.38 million sq ft) and 8 per cent (1.21 million sq ft) of the total mall stock, respectively.
“The existing Grade A malls have over 95 per cent occupancy, which is indicative of the demand for quality real estate in this segment. The scale and quality of development would require developers to specialize in shopping centre development and operations. Retail real estate will offer a great opportunity for investments, including REITs, in the future,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
The total GLA…