High-street dominates retail leasing with 68% share in Q32024
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According to Cushman & Wakefield data, strong demand on main streets has pushed rental growth, particularly in Delhi NCR, Bengaluru, Chennai and Kolkata, where rates surged up to 15% year-over-year.
In contrast, leasing activity in malls remained relatively low, constituting just 32% of the total leasing volume. The lack of new mall supply in Q3-2024, with no fresh mall commencements, contributed to this subdued leasing activity.
“The Indian retail sector is evolving rapidly, and main streets continue to record high leasing due to limited mall supply. The strong demand-supply dynamic has driven rental growth, particularly in Delhi NCR and Pune. Malls, however, faced a quieter quarter due to a lack of supply—a gap that we expect to be addressed in Q4,” said Saurabh Shatdal, Head Retail and Managing Director, Capital Markets, Cushman & Wakefield.
Owing to the prevalent demand-supply dynamics, the report further highlights the tightening vacancy rates, with Grade-A malls across major cities witnessing a significant decline.
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