New Delhi, March 19 -- Demand for mall space surpassed supply for the third consecutive year in 2024, according to a report by real estate consulting firm Anarock Retail.

In 2024, over 6.5 million square feet of organized retail space was leased across major cities, as against only 1.1 million sq. ft of new completions, the report said.

To be sure, the covid-19 pandemic significantly disrupted new retail development supply, with suspended or partially operational activities. For example, in 2019, the market saw net completion and absorption of 8.5 million square feet of mall space.

While prominent malls are experiencing a dip in vacancy, top-tier malls are operating at near-full capacity, the report added.

The demand-supply imbalance ...