Delhi-NCR retail leasing jumped 45% in Q1 2026, resurfacing fashion and F&B demand data
Resurfacing figures from Q1 2026: Delhi-NCR leased 0.59 million sq ft of retail space that quarter, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, while fashion and F&B led occupier demand. Across the top eight cities, leasing fell 10% to 1.95 million sq ft amid constrained quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026, led by malls, fashion and F&B demand. Leasing across
Key facts
- Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft
- Delhi-NCR leasing growth: 45% year-on-year
- Delhi-NCR Q1 2025 retail leasing: 0.41 million sq ft
- Shopping mall share of Delhi-NCR leasing: 64%
- High-street share of Delhi-NCR leasing: 36%
- Delhi-NCR share of top-eight-city leasing: 30%
- Top-eight-city Q1 2026 leasing: 1.95 million sq ft
- Top-eight-city leasing decline: 10% year-on-year
- Top-eight-city Q1 2025 leasing: 2.17 million sq ft
- Top-eight-city calendar 2025 leasing: 9.21 million sq ft
Why this matters
Fashion and F&B brands should prioritize Delhi-NCR mall partnerships and expansion opportunities, where occupier demand is concentrated and premium space is increasingly scarce.
What to watch
- Quarterly Delhi-NCR Grade-A mall vacancy and effective-rent changes
- Pre-leasing levels and delivery timelines for new mall and mixed-use retail supply
- Fashion and F&B chain store-opening guidance, same-store sales and unit economics
- Footfall, dwell time and sales-per-square-foot trends at major Delhi-NCR malls
- Growth in high-street leasing and rent escalation relative to mall leasing
- Consumer discretionary-spending indicators, especially apparel, dining and entertainment demand
- Fashion chains are likely to prioritize larger flagship, experience-led and omnichannel fulfillment-capable stores in prime Delhi-NCR malls.
- F&B operators are likely to seek food-hall, terrace and entertainment-adjacent units, raising demand for turnkey spaces with exhaust, utilities and liquor-license potential.
- Mall owners are likely to accelerate tenant remixing, replacing weaker categories with apparel, beauty, athleisure, QSR and casual-dining concepts.
- Developers may bring forward retail phases in mixed-use projects and pursue pre-leasing commitments before construction completion.
- Retailers may negotiate longer leases or cluster-store deals now to secure scarce quality locations before rents rise further.