New Delhi [India], April 8 (ANI): The leasing activities in the first quarter of 2025 witnessed about 55 per cent growth and a 6 per cent quarterly, with leasing activity crossing 2.4 Million Square Feet (MSF) across the top 8 cities, according to the Retail Market Beat Report of Cushman & Wakefield.
The report highlights that both Malls and Mainstreets contributed to this growth owing to the commencement of new supply in emerging locations.
The top 8 centres observed in the report are Ahmedabad Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, Pune.
The report highlighted that Hyderabad was the frontrunner in terms of leasing volume, contributing 34 per cent (0.8 MSF) of the total leasing activity, with a staggering 106 per cent yearly growth.
“We’re seeing a clear trend where retail demand is following new, quality supply–cities with fresh developments are witnessing heightened transaction volumes. Beyond traditional malls, new retail hubs are emerging within mixed-use developments, including office and residential complexes. With close to 7 million square feet of new supply expected over the next three quarters–largely comprising premium Grade A malls–we expect this positive momentum to continue well into the year,” said Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail, India.
The report observes that Mumbai followed Hyderabad closely, accounting for 24 per cent (0.58 MSF) of the total leasing volume and recorded a 259 per cent yoy growth, largely owing to the emergence of new high street locations and the addition of new mall supply.
Delhi NCR also saw significant traction, capturing 17 per cent (0.41 MSF) of the total leasing share, supported by strong demand in key submarkets and a 57 per cent yoy increase.
Retail activity here was largely led by premium brands, dining and entertainment concepts, reinforcing its status as a high consumption market.
Bengaluru and Chennai, meanwhile, exhibited stable yoy growth numbers with 0.19 MSF and 0.17 MSF of leasing respectively.
The report also observed that Mainstreets continued their domination of the leasing landscape, accounting for two third of the total leasing volume at 1.69 MSF, with premium high street locations in Delhi NCR, Mumbai, Bengaluru and Hyderabad witnessing heightened interest from retailers. Mall leasing, meanwhile, stood at 0.72 MSF for the quarter.
Notably, Mumbai witnessed the highest lease share of 44 per cent in Malls at 0.31 MSF. This was triggered by two Grade A malls becoming operational in the city, adding 1.3 MSF to India’s Grade A mall inventory, now standing at 63 MSF.
In terms of category demand, the report observed that Entertainment and Fashion were the biggest space consumers in malls, capturing a 34 per cent leasing share at 0.35 MSF, whereas Fashion and F&B were most prevalent in main streets across the top-8 cities with 0.80 MSF of leasing volume.
Additionally, foreign brands accounted for around 8 per cent of the transaction volumes to partake in India’s growing consumption story, while domestic brands drove over 92 per cent of leasing activity, highlighting the strength of the homegrown retail expansion, the report observed. (ANI)
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