Retail leasing hits 12.5M sq ft in 2025, led by Delhi NCR and Bengaluru
India's retail leasing reached 12.5 million sq ft in 2025, with Delhi NCR and Bengaluru anchoring demand for physical retail space across the country.
What happened
retail-company · Retail leasing in India reached 12.5 million sq ft in 2025, with Delhi NCR and Bengaluru driving demand for retail space across the country.
Key facts
- 12.5 million sq ft
- 2025
Why this matters
Surging leasing concentrated in Delhi NCR and Bengaluru highlights M&A and partnership opportunities with retail operators and developers scaling their physical footprint in these anchor markets.
What to watch
- Quarterly leasing absorption and vacancy rates in NCR/Bengaluru
- Prime high-street and mall rental trajectory
- New supply completions vs. pre-commitment levels
- Consumption indicators: discretionary retail sales, GST collections
- Quick-commerce penetration eroding physical category demand
- Developers fast-track new mall and high-street supply pipelines in NCR and Bengaluru
- International and D2C brands sign anchor and flagship leases to capture footfall
- Landlords raise prime rents and shift to revenue-share lease structures
- Retailers pursue omnichannel formats blending stores with quick-commerce fulfilment