Office: Despite the third COVID wave and temporary disruptions, Kolkata has gained a steady momentum in 2022. Fresh leases comprised of all transaction volume in the current quarter which is an encouraging sign. Flex spaces has led the growth by contributing about 37% of gross leasing volume followed by IT-BPM and engineering & manufacturing.
Residential: Q1 2022 revealed a promise for the Kolkata residential market, with 7.3% growth over the previous quarter and a robust 126% expansion from the same time last year. Residential launches remained strong with 3,108 units and sales were strong on the back of affordability and continuation of policy initiatives.
Retail: Leasing activity is seeing a turnaround in Kolkata from the disruption it faced in the early parts of Q1 2022. Higher leasing activity was seen in main streets, while it remained negligible in malls. A healthy recovery of footfalls can be seen from mid-February, after a sharp decline due to the 3rd COVID wave. Over 55,000 sf was leased by apparel chains – national consumer electronics, F&B, hypermarkets, and accessory brands are looking for space marking a healthy and sustained recovery.
Learn more by clicking our most recent Kolkata MarketBeat reports below.