Retail leasing set to hit record ~9 MSF in 2025: Cushman & Wakefield

23 Dec 2025 CW Team

The sharp year-end surge reflects a decisive return of mall-led absorption as new Grade A supply becomes operational in key markets during Q4. While high streets continue to record healthy traction, leasing that was earlier delayed due to limited availability of quality mall space is now being executed in newly completed assets. Fashion, food and beverage, and entertainment remain the primary demand drivers.

Supply conditions have improved materially. After Grade A mall completions were constrained to ~0.9 MSF in 2024, new deliveries in 2025 are projected at ~4.3 MSF, largely driven by Q4 completions. This has eased scarcity and enabled retailers to activate expansion plans that had been on hold.

Looking ahead, retail leasing momentum is expected to strengthen further in 2026, with demand projected at ~10–11 MSF, supported by improved availability of quality mall space and the release of pent-up demand. The mall pipeline for 2026 stands at ~5.9 MSF, with about 76 per cent expected to be Grade A+ assets, improving choice for retailers across Bengaluru, Chennai, Mumbai and Hyderabad.

High-street leasing is expected to remain steady in 2026 even as mall absorption improves. On rentals, average mall rents may normalise in supply-heavy markets, while Grade A+ malls and dominant high-street locations are likely to see resilient momentum, supported by new openings and re-leasing in top-performing assets.

Commenting on the outlook, Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield, said, “India’s retail real estate market is set to record its highest leasing activity since the pandemic, reaching nearly 9 MSF in 2025, driven by a strong year-end surge as new mall supply becomes operational in Q4… With a robust pipeline lined up for 2026, the market is now entering a phase of meaningful capacity addition focused on higher-quality retail formats.”

India’s retail real estate market is expected to close 2025 with a record ~9 million sq ft (MSF) of leasing—the highest annual absorption since the pandemic—up from ~7.8 MSF in 2024, as per news reports citing Cushman & Wakefield’s India Outlook 2026.The sharp year-end surge reflects a decisive return of mall-led absorption as new Grade A supply becomes operational in key markets during Q4. While high streets continue to record healthy traction, leasing that was earlier delayed due to limited availability of quality mall space is now being executed in newly completed assets. Fashion, food and beverage, and entertainment remain the primary demand drivers.Supply conditions have improved materially. After Grade A mall completions were constrained to ~0.9 MSF in 2024, new deliveries in 2025 are projected at ~4.3 MSF, largely driven by Q4 completions. This has eased scarcity and enabled retailers to activate expansion plans that had been on hold.Looking ahead, retail leasing momentum is expected to strengthen further in 2026, with demand projected at ~10–11 MSF, supported by improved availability of quality mall space and the release of pent-up demand. The mall pipeline for 2026 stands at ~5.9 MSF, with about 76 per cent expected to be Grade A+ assets, improving choice for retailers across Bengaluru, Chennai, Mumbai and Hyderabad.High-street leasing is expected to remain steady in 2026 even as mall absorption improves. On rentals, average mall rents may normalise in supply-heavy markets, while Grade A+ malls and dominant high-street locations are likely to see resilient momentum, supported by new openings and re-leasing in top-performing assets.Commenting on the outlook, Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield, said, “India’s retail real estate market is set to record its highest leasing activity since the pandemic, reaching nearly 9 MSF in 2025, driven by a strong year-end surge as new mall supply becomes operational in Q4… With a robust pipeline lined up for 2026, the market is now entering a phase of meaningful capacity addition focused on higher-quality retail formats.”

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