Delhi-NCR retail leasing jumped 45% in Q1 2026, resurfacing a report led by fashion and F&B demand
Resurfacing data from Q1 2026: Delhi-NCR leased 0.59 million sq ft of retail space, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, while limited quality supply helped pull 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 in Q1 2026, led by fashion and F&B demand. Mall leasing dominated activity, while
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 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 totaled 9.21 million sq ft in calendar year 2025
Why this matters
Fashion and F&B brands should prioritize Delhi-NCR mall partnerships and pipeline acquisitions while prime space remains scarce and competing top-eight-city leasing softens.
What to watch
- Delhi-NCR quarterly net absorption staying above 0.5 million sq ft for two consecutive quarters.
- Prime-mall vacancy falling below recent norms or landlords cutting rent-free and fit-out contributions.
- Announced mall completions, redevelopment pipelines and delivery delays across Delhi-NCR.
- Fashion and F&B same-store sales, store-opening guidance and closure rates.
- Spread between Delhi-NCR leasing growth and top-eight-city leasing growth.
- Growth in high-street leasing as mall availability tightens.
- Benchmark asking and effective rents, vacancy, lease tenures and rent-free periods across dominant Delhi-NCR malls versus high-street locations.
- Prioritize expansion options in proven mall catchments before remaining quality inventory is pre-committed.
- Rebalance tenant mix toward fashion, F&B and experience-led categories while stress-testing food-court capacity, parking and dwell-time economics.
- Lock renewal negotiations early for strategic stores; model rent escalations and turnover-rent exposure under stronger landlord bargaining power.
- Monitor whether national supply constraints redirect multi-city brands to Delhi-NCR, increasing competition for premium units.