Delhi-NCR Sees 25% Rise in Demand for Retail Spaces in H1 2025, Apparel Firms Drive Leasing: CBRE
The retail leasing market in Delhi-NCR witnessed a 25% increase in the first half of 2025, driven by strong demand from apparel brands and new mall supply, according to data from CBRE.
Retail LeasingDelhincrCbreApparel BrandsMall SupplyReal EstateSep 06, 2025
Fashion and apparel brands were the primary drivers of this growth, accounting for 35% of the total leasing activity. Homeware and departmental stores also played a significant role, taking up 30% of the retail spaces. CBRE's data pertains to leasing in investment-grade shopping malls, high streets, and standalone developments.
Despite the increase in leasing, the supply of new retail spaces in shopping malls was relatively low, with only 3 lakh sq ft of fresh supply during the first half of 2025. This is a significant improvement from the previous year, which saw zero new supply in the same period. The total leasing of retail spaces in Delhi-NCR fell to 10 lakh sq ft in 2024 from 14 lakh sq ft in 2023, indicating a rebound in the market this year.
Ankit Sharma, SVP-Leasing at Elan Group, commented on the trend, stating, “Retail is no longer just about transactions; it is about creating vibrant destinations that connect communities, inspire engagement, and elevate everyday life.” Elan Group, based in Gurugram, has developed several retail real estate projects in the region.
Gaurav Bansal, AVP and Head Leasing at Trehan Iris, added, “The strong momentum in retail leasing and supply during H1 reflects the sector’s resilience and evolving consumer demand. With rising footfalls, robust spending patterns, and a preference for experience-led destinations, retailers are actively expanding their presence across prime and emerging markets.”
Rakesh Bohra, COO of Pioneer Urban, noted that Gurgaon’s retail real estate outlook for 2025 seems promising, driven by increasing demand for Grade A retail spaces and high-street formats. “The mall vacancies are low, with high-grade spaces seeing a vacancy of less than 3 per cent,” he added.
This positive trend in the retail sector is a clear indication of the growing consumer confidence and the resilience of the retail market in the face of economic challenges. As more brands look to expand their physical presence, the demand for quality retail spaces is expected to remain strong in the coming months.
Frequently Asked Questions
What was the percentage increase in retail leasing in Delhi-NCR in H1 2025 compared to H1 2024?
The retail leasing in Delhi-NCR saw a 25% increase in the first half of 2025 compared to the same period in 2024.
Which segment was the primary driver of demand in retail leasing in H1 2025?
The fashion and apparel segment was the primary driver, accounting for 35% of the total leasing activity.
How much new supply of retail spaces was added in shopping malls in H1 2025?
3 lakh sq ft of new retail spaces was added in shopping malls during the first half of 2025.
What is the current vacancy rate for high-grade retail spaces in Gurgaon?
The vacancy rate for high-grade retail spaces in Gurgaon is less than 3%.
Which company has developed several retail real estate projects in Gurugram?
Elan Group has developed several retail real estate projects in Gurugram.
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