Retail space leasing in Delhi-NCR up 78 pc in Jan-Jun driven by fashion, F&B segments: C&W

New Delhi: Leasing of retail spaces at shopping malls and high streets in Delhi-NCR increased 78 per cent to 1.3 million sq ft during January-June, driven by expansion by fashion retailers, food & beverage firms and departmental stores, according to Cushman & Wakefield.

Real estate consultant Cushman & Wakefield's data showed that leasing activities were buoyant in shopping malls during the first half of this year.

"Retail leasing in H1-26 totalled 1.3 million sq ft - an increase of 78 per cent year-on-year (Y-o-Y). Main Street leasing during H1-26 registered 4 per cent y-o-y growth, while mall leasing grew 2 times in the same period," the report said.


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The consultant noted that the fashion segment led H1-26 leasing with a 28 per cent share, followed by food and beverage (F&B) (16 per cent) and department store (12 per cent).

The fashion and department store segments have witnessed the highest absolute increase in leasing volume during H1-26 compared to the same period last year, Cushman & Wakefield said.

Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield, said the retailers are competing for well-located assets, whether in premium malls or established high streets, resulting in tighter vacancies, firmer rentals and broader leasing momentum across major cities.

Commenting on the trend, S K Sayal, MD & CEO of Bharti Real Estate, said, "India's luxury market is at an inflection point, where strong consumer demand is paving the way for the next generation of world-class retail infrastructure. What we are witnessing today is not just growth, but a structural shift in how luxury is consumed and experienced in the country. "

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Bharti Real Estate has a large portfolio of office and retail space in Delhi-NCR.

Robin Mangla, President of M3M India, said India's retail sector continues to witness healthy expansion. "As organized retail continues to expand, the market is increasingly favouring integrated developments that combine retail, hospitality, offices and residential uses within a single destination," he observed.

Rohit Mohan, President- Business Development of BPTP Group, said, "NCR is no longer a single-centre retail market. Infrastructure expansion and sustained residential development are creating new consumption corridors, reshaping where and how people shop, dine, socialise, and spend their leisure time."

Retail space consulting firm Sred Global co-founder Shriram PM Monga said the NCR has emerged as one of India's most dynamic organised retail markets, driven by strong economic fundamentals, expanding urban infrastructure and evolving consumer aspirations.

"Within this ecosystem, Gurugram continues to be the primary growth engine, backed by over 100 million sq. ft. of Grade A office space, more than 300 Global Capability Centres (GCCs) and a rapidly expanding residential base," Monga said.

Cushman & Wakefield report highlighted that the vacancy in Grade A malls remained tight at 6 per cent, whereas Grade B+ malls reported a vacancy rate of 13 per cent.