Retailers leased 2.24 million square feet during April-June quarter
malls
and
high streets
in the top eight cities during April-June, 5.4% dip q-o-q and a 6.3% dip y-o-y.
According to Cushman & Wakefield, H1 2025 leasing volumes stood at 4.61 MSF, marking a 17% y-o-y growth.
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Malls accounted for 45% of leasing volume in Q2 (1.01 MSF) –a 42% q-o-q rise, and the highest mall share in the past five quarters, signaling growing interest in experience-driven, structured retail formats. However, high streets witnessed a 26% q-o-q decline, although they continued to dominate with 55% (1.23 MSF) of leasing activity, underscoring the persistent undersupply of quality mall stock across cities.
No new mall supply was added in Q2, and Grade A mall completions for H1 2025 stood at 1.3 million square feet. As a result, mall vacancy levels dropped by around 77 basis points to 8.16% in Q2 2025, with premium Grade-A+ or superior malls witnessing even tighter vacancies at just 4.28%.
This highlights the growing demand for premium retail assets and further strengthening landlord leverage in prime locations.
Meanwhile, average mainstreet rents remained stable on a q-o-qbasis, while recording a healthy 6% y-o-y rise.
'India's retail sector continues to demonstrate strong momentum, with consistent growth in leasing volumespointing to a healthy underlying demand. Nearly 4 MSF of new Grade A supply is expected in the second half of the year, particularly across key metros such as Mumbai, Delhi-NCR, and Hyderabad. This should help bring more balance to the market and open up fresh opportunities for retailers to expand in line with evolving consumer expectations,' said Suvishesh Valsan, Head, Research India at Cushman & Wakefield.
In terms of cities, Hyderabad, Mumbai and Delhi-NCR emerged as the top-performing markets, collectively accounting for over 70% of the total leasing activity in the quarter.
Additionally,
domestic retailers
continued to maintain a dominant position in leasing volume with 86% share (1.93MSF). The quarter also witnessed a notable uptake in international retailer participation, whose share rose to 14% with 0.31 MSF of leasing activity, up from 8.5% in the previous quarter. This growth was largely driven by malls, which remain the preferred format for global brands seeking structured environments, brand visibility, and curated customer experiences.
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