Kolkata MarketBeat Reports

Kolkata recorded gross leasing volumes (GLV) of ~0.62 MSF in Q4‑25. Telecom & media emerged as the largest demand driver with a 43% share, followed by professional services at 28%, while flex operators continued to expand with a 12% share. For 2025, GLV reached ~2.08 MSF, its highest post‑Covid level, supported by sustained IT‑BPM and flex demand. With no new supply added, vacancy declined further, while rentals were appreciated across key submarkets.

Kolkata recorded retail leasing of ~63,500 SF in Q1-2026, marking strong quarterly and annual growth. Main streets continued to lead with a 52% share, while mall leasing saw a strong q-o-q increase, contributing to the remaining 48%. Leasing activity was driven largely by fashion and accessories & lifestyle brands, with strong traction across key malls such as South City Mall, Axis Mall, Avani Riverside and Lake Mall, as well as high streets including Dumdum Road, Manoharpukur Road and Uttarpara. With no new mall supply added during the quarter, Grade A mall vacancy remained extremely tight at 2.4%. Main street rentals registered selective growth across key locations, reinforcing healthy retail fundamentals and rising occupier confidence in the city.

Kolkata recorded 2,222 residential unit launches in Q1 2026, marking a strong 48% q-o-q growth despite a 28% y-o-y decline. Peripheral submarkets led with 39% share, followed by North East at 29% and South East at 20% shares. The mid-segment led with a 52% share, while high-end and luxury rose 2.5x q-o-q to a record 25%. Affordable housing grew 3.5x q-o-q to reach 23% of launches. Driven by activity in the Northeast and Southeast, capital values rose 1–2% q-o-q and 6–7% y-o-y, with rentals up 1–2% q-o-q.

Kolkata recorded ~1.8 MSF of warehouse leasing in H2‑25, led by NH‑16 (53%) across Amta‑Ranihati, Uluberia, Dhulagarh and Domjur, with NH‑19 (47%) anchored by Dankuni and Old Delhi Road. Manufacturing (40%), e‑commerce (20%) and 3PL (18%) drove demand. New completions of ~2 MSF strengthened supply across NH‑16/NH‑19. Warehouse rentals rose 4–5% YoY and land values 5–7% YoY. Industrial activity picked up with ~0.09 MSF leasing.

Cushman & Wakefield India Capital MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.