Delhi-NCR retail leasing jumped 45% in Q1 as fashion and F&B chased quality space, resurfaced data shows
Resurfacing a Q1 2026 report: Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026, with malls accounting for 64% of activity. Fashion and F&B demand supported the market even as leasing across India's top eight cities fell 10%, reflecting limited quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% year-on-year in Q1 2026 to 0.59 million sq ft, led by fashion and F&B demand. Malls captured 64% of
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% year-on-year to 1.95 million sq ft from 2.17 million sq ft in Q1 2026
- Retail leasing across the eight cities totalled 9.21 million sq ft in calendar year 2025
Why this matters
Mall-led leasing concentration and active fashion/F&B demand make Delhi-NCR a priority market for landlord partnerships, franchise deals, and location-led acquisitions.
What to watch
- Quarterly NCR Grade A mall vacancy, asking-rent growth and lease renewal spreads.
- New mall and mixed-use retail completions, delivery delays and pre-leasing levels across Gurgaon, Noida, South Delhi and Dwarka.
- Fashion and F&B store-opening announcements, especially flagship, large-format and first-NCR locations.
- Consumer discretionary-spend indicators, restaurant same-store sales and premium fashion sales trends.
- Share of leasing by malls versus high streets and the frequency of revenue-share or landlord-funded fit-out deals.
- Whether all-India retail leasing recovers from its 10% decline or confirms a broader demand slowdown.
- Secure option agreements and pre-leases in top-performing NCR malls before further rent escalation.
- Prioritize store economics by micro-market, using flagship mall stores for brand discovery and smaller high-street formats for local fulfillment and repeat demand.
- Build flexible lease terms around revenue share, exit clauses, fit-out contributions and phased store openings.
- Assess adjacent categories likely to follow fashion and F&B demand, including beauty, athleisure, entertainment, premium grocery and wellness.
- Prepare for landlord selectivity by strengthening sales-density data, omnichannel traffic evidence and launch marketing commitments.