India's Consumption Boosts Mall and Warehousing Growth

12 Feb 2024 CW Team

ICRA, a credit rating agency, projects robust growth in the Indian commercial real estate sector, particularly for mall operators and warehousing players. The surge in consumption across the country is expected to drive occupancy levels in malls and boost demand for warehousing spaces.

According to ICRA, occupancy levels in malls are projected to improve to 78-83% by March 2025, reflecting the resilience of the retail segment despite challenges posed by the pandemic. The increasing consumer spending, coupled with the gradual recovery of the economy, is anticipated to fuel footfall and sales in malls, thereby supporting higher occupancy rates.

The outlook for the warehousing sector also remains positive, with the rise of e-commerce and logistics driving demand for quality warehousing facilities. ICRA expects the warehousing segment to benefit from increased leasing activity and rental rates, supported by growing demand from e-commerce players and third-party logistics providers.

Furthermore, government initiatives such as the implementation of the Goods and Services Tax (GST) and the National Logistics Policy are expected to further boost growth in the warehousing sector by improving logistics efficiency and reducing operational costs.

Overall, ICRA's outlook reflects the optimistic trajectory of the Indian commercial real estate market, underpinned by robust consumption patterns and evolving market dynamics. The continued growth of mall operators and warehousing players underscores the resilience and adaptability of the sector in response to changing consumer behaviour and market trends.

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