Retail leasing down marginally q-o-q in Q3 2025

• Pune retail saw gross leasing activity of 44,015 sq ft across both malls and high streets in the quarter, down by 29% q-o-q.
• Demand across malls and high streets was driven by Fashion & Apparel and consumer durables.

No new completions in Q3 2025

• Overall vacancy declined 20 bps q-o-q to 12.6%, with positive net absorption and a lack of new completions.
• By end-2025, two projects totalling 0.7 million sq ft are expected to come on stream.

Rents record marginal growth q-o-q

• Overall mall rents witnessed marginal growth in Q3 2025, mainly due to no new completions in the first nine months of the year.
• Capital values recorded a marginal growth of 0.4% q-o-q and 1.8% y-o-y.

Outlook: Retail leasing to sustain amidst limited upcoming supply

• Two new projects totalling 0.7 million sq ft are expected to become operational by end-2025, creating opportunities for retailers across various sectors.
• Retail leasing is projected to remain robust, supported by sustained demand from retailers across F&B and Fashion & Apparel segments. This growth is expected to be reflected in mixed-use developments across the city.