Retail leasing in the Delhi-NCR region increased by 78 per cent to one point three million square feet (1.3 mn sq ft) in the first half of the year, according to Cushman & Wakefield. The surge was driven by fashion and food and beverage segments and resulted in stronger leasing activity across major urban centres. Retailers competed for well located assets in premium malls and established high streets, tightening vacancies and supporting firmer rentals.

Industry executives interpreted the trend as a structural shift in demand and consumption patterns. Gautam Saraf, Executive Managing Director for Mumbai and New Business at Cushman & Wakefield, observed that competition for well located assets had compressed vacancies and bolstered rental values. S K Sayal, managing director and chief executive of Bharti Real Estate, noted that strong consumer demand was paving the way for a new generation of world class retail infrastructure and a shift in how luxury was consumed.

Robin Mangla, president of M3M India, said organised retail was increasingly favouring integrated developments that combined retail, hospitality, offices and residential uses within single destinations. Rohit Mohan, president for business development at BPTP Group, suggested that infrastructure expansion and sustained residential growth had created new consumption corridors beyond traditional centres. Shriram Monga, co founder of retail space consultants Sred Global, described the NCR as a dynamic organised retail market underpinned by expanding urban infrastructure and evolving consumer aspirations.

Gurugram remained the primary growth engine, supported by over 100 million square feet of Grade A office space (100 mn sq ft), more than 300 Global Capability Centres (GCCs) and a rapidly expanding residential base. The report highlighted that vacancy in Grade A malls had stayed at six per cent while Grade B+ malls recorded a vacancy rate of 13 per cent. Overall, the market displayed broader leasing momentum as retailers targeted prime locations and developers adjusted supply and leasing strategies accordingly.