Leasing of retail space across shopping malls and high-street locations in eight major Indian cities fell nearly 5% year-on-year to 2.22 million square feet in the July-September quarter of 2026, compared with 2.33 million sq ft in the same period last year, according to real estate consultancy Cushman & Wakefield.
Shopping mall leasing declined 38% to 0.71 million sq ft during the quarter, mainly due to supply constraints. In contrast, gross leasing of retail space in high-street locations increased 33% to 1.51 million sq ft.
The eight cities covered in the report are Mumbai, Delhi-NCR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad.
High-street retail locations accounted for 68% of total gross retail leasing in the September quarter, while shopping malls contributed the remaining 32%.
Among the eight cities, retail leasing declined only in Mumbai and Pune, while the remaining six cities recorded an increase in leasing activity.
Despite the decline in the September quarter, total retail space leasing across the eight cities rose marginally to 6.57 million sq ft during the January-September period.
Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield, noted that, “India’s retail market continues to demonstrate steady underlying occupier interest, even as quality retail space remains constrained.”
