NEW DELHI: The retail leasing touched ~6.4 million sq ft across the eight cities in India this year, according to a report by CBRE South Asia.
The country added just 1.2 million sq ft of new retail space last year, but 2025 is expected to see a sharp rise in supply, with 5-6 million sq ft of grade A malls set to open in cities such as Delhi-NCR, Bengaluru, Hyderabad, and Mumbai.
Retail space take-up across tier-I cities stood at ~3.2 million sq ft during the second half of 2024 — at par with the leasing recorded in the previous six-month period.
Bengaluru led the space absorption, followed by Hyderabad and Delhi-NCR — these three cities cumulatively accounted for ~58% of the total retail space take-up in H2 2024.
Continued growth in investment-grade mall supply and sustained secondary space absorption is expected to drive retail leasing activity in the coming quarters.
Due to adjustments in project timelines, with certain completions deferred to 2025, India saw the addition of approximately 0.7 million sq ft of grade A mall space in Jul-Dec ’24.
