Delhi-NCR retail leasing jumped 45% in Q1 2026 as fashion and F&B demand strengthened, resurfaced report shows
Retail leasing in Delhi-NCR rose to 0.59 million sq ft in January-March 2026, led by fashion and food-and-beverage occupiers, according to a resurfacing report on that quarter. Malls accounted for 64% of leasing, while constrained quality supply kept leasing across India’s top eight cities down 10% year on year.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026, 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 Q1 2026 from 0.41 million sq ft
- Shopping malls accounted for 64% of Delhi-NCR leasing
- High streets accounted for 36%
- Delhi-NCR held a 30% share of leasing across India’s 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 totalled 9.21 million sq ft in calendar 2025
Why this matters
For expansion, partnership or acquisition planning, Delhi-NCR’s mall-led leasing surge favors brands with scalable fashion or F&B formats and access to premium real-estate pipelines.
What to watch
- Quarterly Delhi-NCR mall vacancy and effective-rent growth, especially in Gurgaon, Noida, and South Delhi.
- New Grade-A retail completions and pre-commitment rates across the top eight cities.
- Share of leasing from fashion, beauty, athleisure, F&B, entertainment, and international entrants.
- Renewal versus new-store leasing mix and evidence of retailers accepting higher revenue-share or minimum-guarantee terms.
- Consumer discretionary spending, restaurant same-store sales, and organized retail sales growth during the festive season.
- Mall owners should advance renewals 12-18 months early, reprice expiring leases, and reserve flagship units for fashion, beauty, athleisure, and experiential F&B concepts.
- Retailers should secure pipeline locations through letters of intent and phased lease structures before prime-mall availability tightens further.
- F&B operators should negotiate infrastructure, exhaust, terrace, and delivery-access rights alongside base rent, as these constraints can limit usable mall supply.
- Developers should accelerate fit-out-ready retail inventory and curate tenant mixes that increase dwell time rather than relying on undifferentiated apparel capacity.