Delhi-NCR retail leasing hits record in 2024 as vacancy falls and high-street rents climb
CBRE data shows Delhi-NCR retail leasing up 7% YoY to 3.1M sq ft with vacancy easing to 8.3% and high-street rents at ₹800-1,000/sq ft. Consumer spending rose 12% YoY and ANAROCK projects a 27M sq ft pipeline through 2028, backed by Jewar Airport infrastructure — signaling strong store-expansion runway for retailers.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling and rentals rising, driven by infrastructure like Jewar Airport. ANAROCK
Key facts
- leasing +7% YoY to 3.1M sq ft
- vacancy 8.3% (from 9%)
- high street rentals ₹800-1000/sq ft
- consumer spending +12% YoY
- 313 acres in 29 land deals FY23-24
- 27M sq ft pipeline 2024-2028
Why this matters
The Jewar Airport-backed 27M sq ft pipeline creates a multi-year store-expansion runway, making now the time to secure prime sites and evaluate acquisition of local retail footprints ahead of rent inflation.
What to watch
- Quarterly vacancy trend vs the 27M sq ft delivery schedule
- High-street rent trajectory beyond ₹1,000/sq ft ceiling
- Consumer spending growth holding above ~10% YoY
- Jewar Airport construction and connectivity milestones
- Same-store sales vs occupancy-cost ratios reported by listed retailers
- Lock long-tenure leases in prime high streets before rents reset higher
- Prioritize store rollouts in Jewar Airport / expressway corridors to capture first-mover catchment value
- Shift format mix toward experiential F&B and premium categories that sustain rising rent-to-sales ratios
- Negotiate revenue-share or stepped-rent structures to hedge against pipeline-driven volatility