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Retail leasing across shopping malls and high streets in Delhi-NCR registered strong growth in the first half of this year, supported by higher demand and fresh supply. Data from CBRE indicated that leasing volumes rose significantly compared to the same period last year, led by fashion and apparel brands, followed by homeware and departmental stores. Industry stakeholders remarked that retail is evolving beyond transactional activity, becoming experience-driven, with developers highlighting the resilience of the sector and the rising demand for Grade A spaces across prime and emerging markets.
Leasing of retail spaces across shopping malls and high streets in Delhi-NCR increased by around 25 per cent in the first half of the year, according to CBRE. The consultant reported that 5 lakh sq ft of retail space was leased during January to June, compared with 4 lakh sq ft in the corresponding period last year. Advertisement
The fashion and apparel segment was the leading driver of activity, accounting for 35 per cent of total leasing, while homeware and departmental stores occupied 30 per cent. CBRE stated that the figures covered investment-grade malls, high-street locations, and standalone retail developments.
During the last calendar year, total retail leasing in Delhi-NCR declined to 10 lakh sq ft, down from 14 lakh sq ft in 2023. However, fresh supply picked up in the first half of 2025, with 3 lakh sq ft of new mall space added, compared to no new additions during the same period last year.
Industry leaders reflected on the ongoing trends. Ankit Sharma, Senior Vice-President of Leasing at Elan Group, observed that retail was no longer just about transactions but about creating vibrant destinations that connect communities, inspire engagement, and enhance daily life. Gurugram-based Elan Group has developed several retail-led projects in the region.
Gaurav Bansal, Assistant Vice-President and Head of Leasing at Trehan Iris, remarked that the strong leasing and supply momentum in the first half of the year highlighted the sector's resilience and evolving consumer demand. He added that rising footfalls, strong spending behaviour, and a growing preference for experience-led retail destinations were prompting retailers to expand across both prime and emerging markets.
According to Rakesh Bohra, Chief Operating Officer of Pioneer Urban, Gurugram's retail real estate outlook for 2025 appeared promising, driven by the rising appetite for Grade A spaces and high-street formats. He further pointed out that mall vacancies remained low, with premium-grade properties witnessing less than 3 per cent vacancy.
Industry experts believe consumer behaviour is shifting towards experience-led retail, ensuring continued interest in Grade A and high-street formats. Low vacancy rates and steady demand indicate a promising trajectory for the region's retail real estate market in the near term.
Source - PTI
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