Bengaluru mall completions to hit nearly 1m sq ft by end-2026

Demand is expected to remain strong.

In a recent report, JLL said mall completions of around 0.9 million sq ft are expected in Bengaluru by end-2026, which will absorb pent-up demand from retailers and shoppers.

“Bengaluru’s malls are expected to see strong retail demand driven by festive season momentum and GST rate cuts, driving significant growth in footfall and revenue across fashion, consumer durables, and footwear,” the report added.

Here’s more from JLL:

Retail space uptake is slowing given the limited stock available in premier malls and an absence of fresh supply additions citywide. Significant Q3 leasing transactions involved brands like Zecode, Lego, Victoria’s Secret, Foot Locker, Coyu, and Coach New York.

Bengaluru’s high street retail activity remains robust, largely driven by brands in fashion & apparel, food & beverages, and jewellery categories. Major tenants securing space include Joyalukkas, Westside, Antera, Chin Lung, Tanishq, and Highlander.

No new mall openings in Q3 2025

Mall inventory remained unchanged at 14.5 million sq ft in the quarter with no new completions. Brigade Cornerstone Utopia Mall is anticipated to commence operations in the Suburbs submarket by year-end 2025.

The Suburbs submarket is set to see significant retail expansion in 2026 with the opening of SBR Lucky Mall along with an expansion of Phoenix Market City, all contributing towards growth in mall inventory.

Capital values and rental rates showed minimal growth q-o-q

Bengaluru’s mall rental rates are anticipated to grow by around 1.5-2.0% by year-end 2025 fuelled by new mall completion in the Suburbs submarket.

Bengaluru’s retail property values are anticipated to grow at an annual rate of 2.5-3.0% by year-end 2025, supported by strengthening investor confidence and robust leasing activity.