Delhi-NCR retail leasing jump of 45% in Q1 resurfaces, as fashion and F&B demand led the move
Delhi-NCR retail leasing rose to 0.59 million sq ft in Q1 2026, with malls accounting for 64% of activity, according to data resurfacing from earlier this year. The region contributed 30% of leasing across eight major cities, even as top-city leasing fell 10% amid limited supply.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% year-on-year in Q1 2026 to nearly 6 lakh sq ft, led by fashion and F&B demand. Mall leasing dominated,
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in January-March 2026, from 0.41 million sq ft
- Shopping malls accounted for 64% of Delhi-NCR leasing; high streets accounted for 36%
- Delhi-NCR represented 30% of leasing across the top eight cities
- Top-eight-city leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Top-eight-city retail leasing was 9.21 million sq ft in calendar year 2025
Why this matters
Retailers and developers should prioritize Delhi-NCR partnership, acquisition, and format-expansion opportunities before limited mall inventory further tightens access to prime locations.
What to watch
- Q2 leasing volumes and whether Delhi-NCR maintains its 30% share of eight-city activity.
- New mall completions, redevelopment announcements and vacancy changes in Gurgaon, Noida and South Delhi.
- Prime mall and high-street rental growth, tenant incentives and lease renewal terms.
- Store-opening announcements from apparel, beauty, QSR, café and casual-dining brands.
- Consumer footfall and same-store sales trends during festive and wedding-led demand periods.
- National fashion and F&B chains should lock in mall anchors and cluster opportunities before prime inventory tightens further.
- Mall owners should package larger units, food court upgrades and omnichannel fulfillment capabilities to capture expansion demand.
- Retailers should evaluate high-street alternatives in Gurgaon, Noida and emerging mixed-use districts where mall availability is constrained.
- Landlords can test selective rental resets and turnover-linked lease structures in top-performing assets.