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Mall leasing falls 38% in Q3 across India's top 8 cities as overall retail leasing slips nearly 5%: Cushman & Wakefield
Our read
The 38% mall drop is more likely a supply-and-timing swing with a partial rebound than a lasting collapse, but high streets will keep taking share of new leasing in the near term.
For operators
Mall leasing fell 38% while total leasing slipped only about 5%, which implies expansion is shifting to high streets, so expect tougher competition for prime street units and use softer mall demand to push for better rents, fit-out support or shorter lock-ins on mall renewals and new deals.
Watch
Cushman & Wakefield's October-December 2026 leasing figures for the eight cities, and whether mall leasing recovers from the 38% fall
The report,
Cushman & Wakefield reported that retail space leasing across malls and high streets in eight major Indian cities fell nearly 5% year-on-year to 2.22 million sq ft in the July-September quarter of 2026. Shopping mall leasing declined 38%.
down nearly 5%
Store and format facts
From the report. Source details below
| Retail space leasing, same period last year: | 2.33 million sq ft |
|---|
Next on the rollout
- Competing consultancy reports (JLL, Colliers, Knight Frank) on Q3 mall versus high-street absorption
- Store-addition guidance and mall-versus-high-street mix in retailers' quarterly results
- Mall REIT and developer disclosures on occupancy, new completions and leasing spreads
- Reported high-street rent increases in the top eight cities
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Mall owners and operators are likely to offer more flexible lease structures, such as revenue-share or shorter terms, to win back tenants lost to high streets.
- Expansion-minded retail and F&B chains may keep shifting new store openings toward high streets while mall rents and availability stay unattractive.
- Rival consultancies are likely to publish their own Q3 leasing tallies, which will test whether the 38% mall fall is a Cushman & Wakefield-specific reading or an industry-wide one.
- Listed mall landlords and REITs are likely to explain the leasing softness as timing-related and point to pipeline deals in their next earnings commentary.
- Landlords of prime high-street stretches may push rents higher in the top eight cities as demand concentrates there.