Kolkata’s Retail Market Records 48,500 sq ft Leasing in Q2 2025; Main Streets Drive 88% of Activity: Cushman & Wakefield
Kolkata: Cushman & Wakefield, a leading real estate services firm, has released its Q2-2025 Retail Market Beat Report, showing Kolkata’s retail leasing activity reached 48,500 sq ft this quarter—a 30% quarter-on-quarter rise. The leasing was led by fashion (48%) and food & beverage (29%) brands, with main streets such as Theatre Road, Esplanade, and Dalhousie accounting for nearly 88% of transactions. Other active areas included Dhakuria, Behala and Serampore. Notable mall transactions took place at Acropolis Mall and Avani Riverside Mall.
Key Market Highlights – Kolkata
- No new mall supply was recorded in Q2. Two planned malls have been postponed to 2026, keeping Grade A mall vacancy low at 2.5%.
- Overall city-wide mall vacancy stood at 6.6%, down 20 bps from last quarter.
- Mall rentals remained steady, while main streets like Gariahat, VIP Road, and Kankurgachi saw a 1-2% rental increase.
- H1 2025 leasing volumes stood at ~86,000 sq ft, reflecting a 16% year-on-year decline, but main streets continued to dominate with 90% of activity.
National Retail Trends
At the national level, India recorded 2.24 MSF of retail leasing across the top eight cities in Q2 2025, with Hyderabad (0.76 MSF), Mumbai (0.52 MSF), and Delhi-NCR (0.3 MSF) leading the pack. Kolkata contributed 0.05 MSF. Overall, H1 2025 saw 4.61 MSF of leasing, up 17% year-on-year, highlighting strong retailer confidence.
Malls accounted for 45% of leasing (1.01 MSF), their highest share in five quarters, while high streets, despite a 26% q-o-q decline, remained dominant with 55% of total activity due to limited premium mall supply.
Expert Insights
Suvishesh Valsan, Head of Research – India, Cushman & Wakefield, stated:
“India’s retail sector continues to demonstrate strong momentum, driven by stable consumer demand. Tight vacancy levels in Grade-A malls reflect growing interest in high-quality, experience-driven retail spaces. We expect leasing momentum to accelerate in the second half of 2025, with nearly 4 MSF of new Grade A supply planned across key metros, creating fresh opportunities for retailers.”
