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Updated February 27th, 2024 at 13:17 IST

Entertainment leasing soars 179% YoY in 2023 across 7 key cities: CBRE

The entertainment segment saw a notable rise, commanding a 9% share of the retail leasing market in 2023.

Reported by: Business Desk
Shifting leisure preferences cheer entertainment segment leasing in 2023
Shifting leisure preferences cheer entertainment segment leasing in 2023 | Image:Pexels
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Entertainment leasing surges: The entertainment leasing sector experienced a surge, marking a 179 per cent year-on-year (YoY) increase in 2023 across seven key cities. The surge, totalling 0.66 million square feet (sq ft) of leased space, paints a picture of changing leisure preferences post-pandemic.

The entertainment segment commanded a notable 9 per cent share of the overall retail leasing market in 2023, up from a modest 5 per cent in the previous year, according to the CBRE report. This surge highlights a shift in consumer behaviour, with individuals increasingly seeking immersive entertainment experiences within retail spaces.

According to experts, this surge was not only indicative of a resurgence in consumer interest but also a response from the retail and entertainment industries to adapt to evolving demands.

City-wise analysis

Bangalore emerged as a frontrunner in this surge, with a leasing of 0.33 million sq ft. Notable brands such as PVR, Bounce Inc, Sky Jumper, and Fun City secured prime retail spaces within the city, capitalising on the growing demand for entertainment experiences. 

Chennai closely followed with a leasing of 0.11 million sq ft, featuring brands like Timezone, PVR, and Hamleys Play. Other major cities, including Delhi-NCR, Mumbai, Pune, and Ahmedabad, also witnessed substantial leasing activity, cementing the trend of entertainment integration within retail environments.

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Film industry impact

The resurgence of interest in cinema experiences played a pivotal role in driving footfalls to entertainment zones. The release of blockbuster hits such as Gadar-2, Jawan, KGF, and Pathan fuelled a notable increase in attendance at theatres, contributing to the overall leasing activity within the entertainment sector.

Anshuman Magazine, Chairperson & CEO, CBRE, stressed the importance of innovation and sustainability in design and operation to maximise appeal and longevity within the entertainment sector. Bimal Sharma, Executive Director & Head of Retail, CBRE India, highlighted the growing demand for shared entertainment experiences, stressing the need for vibrant and sustainable destinations to cater to evolving consumer preferences.

 

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Published February 20th, 2024 at 12:33 IST

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