India Q3 retail leasing slips 7.3% QoQ to 2.22 MSF
XLRE•India retail gross leasing reached 2.22 million square feet in Q3 2026, down 7.3% quarter over quarter and 4.4% year over year. Year-to-date leasing was 6.57 million square feet, up 0.4% year over year.
1. Leasing activity
India retail gross leasing totaled 2.22 million square feet in Q3 2026, down 7.3% quarter over quarter and 4.4% year over year. Year-to-date leasing reached 6.57 million square feet, up 0.4% year over year, despite three consecutive quarters without new Grade A mall supply.
2. Space and supply
Main streets accounted for 67.9% of leasing, at 1.51 million square feet, while mall leasing fell to 0.71 million square feet amid constrained availability. Grade A mall vacancy tightened to 4.8% from 5.0% in the previous quarter. About 12.7 million square feet of Grade A mall supply is expected through 2028, including 1.35 million square feet projected for 2026.
