Gurgaon and the Delhi-National Capital Region (NCR) are experiencing a retail boom, with vacancy rates in premium malls plummeting to 0-2%. Rents for Grade A+ malls have surged by 8-12% compared to last year, driven by strong demand and limited supply, prompting developers to plan for 19 million sq ft of new retail space by 2031.

• 01Vacancy rates in Grade A and A+ malls in Gurgaon and NCR have reached an all-time low of 0-2%.
• 02Rents for Grade A+ mall spaces in the NCR have increased by 8-12% year-on-year, while Grade A assets have seen a 6-8% rise.
• 03The average rent for vanilla stores in Grade A/A+ malls is currently Rs 400-450 per sq ft.
• 04Developers are planning to introduce an estimated 19 million sq ft of new retail space in the NCR between 2026 and 2031.
• 05Recent major leases include Zara and Levi's securing large spaces in Pacific Mall, showcasing the demand for high-quality retail locations.

The declining vacancy rates and rising rents in Gurgaon's retail sector indicate a robust demand for premium retail spaces, which may lead to increased prices for consumers and higher operational costs for businesses.