Delhi-NCR retail leasing jumped 45% in Q1, resurfacing a March 2026 report on fashion and F&B-fueled demand
Resurfacing data from a March 2026 Cushman & Wakefield report: Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, reflecting demand for quality organised retail space amid constrained supply.
What happened
Delhi-NCR retail market · 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. Malls captured 64% of
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 leasing: 0.41 million sq ft
- Shopping malls' share: 64%
- High streets' share: 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 2025 leasing: 9.21 million sq ft
Why this matters
Strong fashion and F&B-led leasing in Delhi-NCR makes mall partnerships, anchor negotiations and selective acquisition or joint-venture opportunities more strategically valuable as quality space becomes scarcer.
What to watch
- Q2 and Q3 Delhi-NCR leasing volumes versus the 0.59 million sq ft Q1 run rate.
- Reported mall vacancy, achieved rents and lease-renewal spreads in Gurgaon, Noida, Saket and key Delhi high streets.
- New Grade-A mall completions, redevelopment announcements and pre-leasing levels.
- Store-opening announcements from fashion, beauty, QSR, cafe, entertainment and athleisure chains.
- Consumer discretionary sales growth, same-store sales trends and retailer commentary on store-level profitability.
- The share of leasing from malls versus high streets, which will indicate whether supply constraints are forcing demand into alternate formats.
- National fashion and F&B brands will prioritise Delhi-NCR flagship, experience-led and food-court locations over broad-based secondary-market expansion.
- Mall developers and asset owners will raise asking rents, tighten tenant-mix standards and seek longer lease tenures from anchor and high-performing specialty retailers.
- Retailers will intensify negotiations for fit-out contributions, rent-free periods, turnover-linked rentals and exclusivity protections to preserve unit economics.
- High-street landlords in premium micro-markets may lift rents as brands use them as alternatives where mall availability is limited.
- Franchise operators, store-fitout vendors, retail staffing firms and last-mile replenishment networks should see increased demand around newly leased clusters.