Delhi-NCR retail leasing jumped 45% in Q1, resurfacing early-2026 data as fashion and F&B demand accelerated

Retail leasing in Delhi-NCR reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier, according to figures resurfacing from a January 2026 report. Malls accounted for 64% of demand, while Delhi-NCR represented 30% of leasing across India's top eight cities.

— FiledThu, 10 Sept, 2026, 02:05 IST·First seen Thu, 10 Sept, 2026, 02:04 IST·Source Financial Express · BrandWagon

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. Mall leasing dominated

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
  • Shopping malls accounted for 64% of Delhi-NCR leasing and high streets 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
  • Top-eight-city retail leasing totalled 9.21 million sq ft in calendar year 2025

Why this matters

Accelerating fashion and F&B leasing in Delhi-NCR creates a timely opportunity to pursue partnerships, acquisitions, or expansion formats tied to high-traffic mall ecosystems.

What to watch

  • Q2 and Q3 Delhi-NCR leasing volumes versus the 0.59 million sq ft Q1 run rate.
  • Prime mall vacancy, quoted rents, revenue-share demands and tenant incentive levels.
  • New mall completions, redevelopment announcements and retail-ready mixed-use supply in Gurgaon, Noida and Delhi.
  • Same-store sales and footfall trends for fashion, beauty, athleisure and quick-service F&B chains.
  • Store closure rates, lease renewals and average fit-out costs among recent retail entrants.
  • Consumer discretionary-spending indicators, urban employment growth and credit conditions in NCR.
  • Prioritize Delhi-NCR mall assets with strong fashion adjacency, food-court capacity and high weekend footfall for upcoming store pipelines.
  • Secure option space and renewal rights early in top-tier malls before landlords reprice prime units.
  • Test compact omnichannel formats in high-density secondary corridors where mall availability is constrained.
  • Reassess store P&Ls using higher occupancy-cost assumptions, including escalation clauses, common-area charges and fit-out inflation.
  • Expand F&B and entertainment tenant mixes around fashion anchors to capture longer dwell times and improve cross-shopping.