Kolkata:– Retail leasing in 2024: 0.21 MSF– Retail leasing in 2025: 0.20 MSFHow much is the leasing growth in Q3 2026 against Q2 2026?How much is the leasing growth in the first nine months of 2026 versus the first nine months of 2025?Why is it being said ‘Record High’? What was the previous best?– Q3 2026 recorded 0.10 MSF of leasing, the highest quarterly volume in the tracked series. The previous high was recorded prior to 2020.Kolkata’s retail leasing touched a quarterly record high in Q3, with volumes reaching 1 lakh sq ft. This marked more than a twofold increase on a quarterly basis and a 69% rise compared with the same period last year. The previous high had been recorded prior to the pandemic in 2020.A study released by real estate consultancy firm Cushman & Wakefield showed that high streets continued to dominate leasing activity in Kolkata, accounting for 94% of total leasing during the quarter. The trend was driven by extremely limited availability in Grade A malls, where vacancy remained as low as 1%. With no new Grade A mall supply expected until the middle of next year, retailers continued to focus on prominent high-street locations across the city.Key high streets such as Theatre Road, Camac Street, Russell Street, Middleton Row, Gariahat, Naktala and Rajarhat recorded healthy space take-up, led by fashion, accessories and lifestyle, and department store brands. Mall leasing accounted for just 6% of quarterly leasing volumes, with select fashion, consumer durables and IT, and accessories and lifestyle brands taking up space across existing malls.In terms of sectoral activity, fashion and departmental stores each contributed around 39% of Q3 leasing volumes, while F&B accounted for a 6% share.During the first three quarters of the year, Kolkata recorded retail leasing of 2.1 lakh sq ft, reflecting a 46% increase over the same period last year. High streets accounted for 87% of leasing during this period, while malls contributed the remaining 13%.The city saw no new mall completions in Q3. A Grade B mall in south Kolkata is expected to be completed in the last quarter of the year, while a Grade A mall currently under construction is likely to enter the market by the middle of next year. With Grade A mall vacancy expected to remain tight until the first half of next year, high-street leasing is likely to stay strong.High-street rentals also continued to rise. CBD locations such as Elgin Road and Theatre Road recorded a 12% quarterly increase and a 5–6% annual rise in rentals. Gariahat, Kankurgachi, VIP Road and Hatibagan registered annual rental appreciation of 4–7%. Quoted mall rentals remained unchanged during the quarter.Cushman & Wakefield executive director & head east (Tenant Representation) Santanu Ghosh projected the arrival of many luxury brands next year following the launch of the nearly 10 lakh sq ft Phoenix Grand Victoria. The Acropolis SthinLocality | Rental in Rs/sq ft/monthPark Street | 650Camac Street | 545Lindsay Street | 454Elgin Road | 332Theatre Road | 318Gariahat | 350Shambazar | 135Hatibagan | 150Kankurgachi | 238VIP Road | 152
