Delhi-NCR retail leasing jumped 45% in Q1, led by fashion and F&B, resurfacing report finds
Resurfacing a Q1 2026 report: Delhi-NCR leased 0.59 million sq ft of retail space in Q1 2026, up 45% year on year. Malls accounted for 64% of activity, while constrained supply contributed to a 10% decline in leasing across India's top eight cities.
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 dominated activity,
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
- Malls accounted for 64% of Delhi-NCR leasing; high streets accounted for 36%
- Delhi-NCR represented 30% 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
- 2025 leasing across the eight cities totalled 9.21 million sq ft
Why this matters
With mall space driving 64% of Delhi-NCR activity amid constrained supply, corporates should prioritize early partnerships, anchor negotiations and alternative high-footfall formats.
What to watch
- Quarterly NCR leasing volume remains above 0.5 million sq ft through Q2 and Q3 2026.
- Announced mall completions, redevelopment openings, and vacancy changes in Gurgaon, Noida, and South Delhi.
- Prime mall rent growth, landlord incentive reductions, and rising revenue-share demands.
- Fashion, beauty, QSR, cafe, and experiential entertainment leasing announcements.
- Whether top-eight-city leasing recovers from its 10% decline, confirming broader retail expansion rather than NCR-specific concentration.
- Prioritize pipeline reviews for premium malls and high-footfall mixed-use destinations in Gurgaon, South Delhi, Noida, and Aerocity.
- Secure letters of intent early for scarce mall units, especially food courts, entertainment adjacencies, and fashion clusters.
- Model higher occupancy costs and negotiate stepped rents, fit-out support, exclusivity clauses, and renewal protections before committing.
- Use smaller stores, kiosks, and omnichannel fulfillment formats to enter constrained catchments where full-size mall space is unavailable.
- Track whether competitors are taking multiple NCR sites, which could create local marketing noise and pressure for faster rollout.