India's top 8 cities see retail leasing rise 15% to 9 million sq ft in 2025: C&W
Cushman & Wakefield data shows mall and high-street leasing climbing across Delhi-NCR, Mumbai, Bengaluru and other major cities, fueled by new supply and premiumisation; 10-11 million sq ft projected for 2026.
What happened
Cushman & Wakefield reports retail space leasing across India's top 8 cities to rise 15% to 9 million sq ft in 2025, driven by new mall supply and
Key facts
- 15% rise
- 9 million sq ft 2025
- 7.8 million sq ft 2024
- 5.4 million sq ft high-street 2025
- 5.3 million sq ft 2024
- 3.8 million sq ft mall 2025
- 2.5 million sq ft 2024
- 0.9 million sq ft Grade A 2024
- 4.3 million sq ft new deliveries 2025
- 10-11 million sq ft projected 2026
Why this matters
Accelerating retail leasing driven by new supply and premiumisation across key metros highlights expanding market opportunities for brand footprint growth and potential real estate-linked partnerships.
What to watch
- Q1 2026 leasing data release from C&W/other brokerages (JLL, CBRE, Knight Frank cross-checks)
- Any major retailer store-closure or expansion-pause announcements
- Consumer spending/retail sales data prints for urban India
- New mall opening delays or accelerated completions in NCR/Mumbai/Bengaluru
- RBI rate moves affecting retailer capex and consumer credit-driven spending
- Track city-wise leasing mix: watch for concentration risk in Delhi-NCR/Mumbai/Bengaluru vs secondary cities showing weakness
- Monitor vacancy rates and rental reversion in newly delivered mall supply vs stabilized assets
- Watch brand expansion announcements (international entries, D2C scale-ups) as leading indicator for 2026 pipeline
- Compare high-street vs mall leasing split for signs of format preference shift
- Check developer commentary on 2026 project delivery timelines for supply-side risk to absorption ratio