Delhi-NCR Leasing Activity Sees 45% Rise in Q1 2025
Cushman & Wakefield's data shows a significant surge in retail space leasing across Delhi-NCR, with a 45% increase in January-March 2025.
Key Findings
- Leasing volume rose to nearly 6 lakh sq ft in Q1 2025, from 0.41 million sq ft in the same period last year.
- Shopping malls accounted for 64% of total retail space leasing, while high streets contributed 36%.
- Delhi-NCR led leasing activity among India's top eight cities, with a 30% share.
National Trend
However, the national trend saw a 10% decline in retail space leasing across the top eight cities, from 2.17 million sq ft in Q1 2024 to 1.95 million sq ft in Q1 2025.
Market Insights
Experts attribute the rise in leasing activity to sustained demand, driven by expansion from domestic retailers and increased participation from international brands.
"India's retail real estate market is currently operating in a demand-led environment, where occupier interest continues to outpace the availability of high-quality retail space," said Gautam Saraf, Executive Managing Director - Mumbai & New Business, Cushman & Wakefield.
Other industry experts also shared their insights on the market trends, citing factors such as rising consumer confidence, evolving lifestyles, and the growth of experience-led formats.
Future Prospects
With new supply in the pipeline, leasing activities are expected to strengthen further in Delhi-NCR, driven by sustained consumption trends and the expanding presence of both domestic and global brands.
"There is a definite preference towards quality retail spaces, organised and in established malls and high streets. Despite a lack of supply, leasing has been healthy in the sector, and it goes without saying that there is a willingness on the occupier side to act fast for the right assets," said Shriram P M Monga, Co-founder at consulting firm SRED.