Delhi-NCR retail leasing jumps 45% in Q1 2026 as fashion and F&B lead

Delhi-NCR leased 0.59 million sq ft of retail space in January-March 2026, up from 0.41 million sq ft a year earlier, Cushman & Wakefield said. Malls captured 64% of demand, while the region accounted for 30% of leasing across India’s top eight cities.

— FiledFri, 18 Sept, 2026, 05:33 IST·First seen Fri, 18 Sept, 2026, 05:33 IST·Source Financial Express (via Wayback)

What happened

Cushman & Wakefield · Delhi-NCR retail leasing rose 45% in Q1 2026 to 0.59 million sq ft, led by fashion and F&B demand. Mall leasing dominated, while

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; high streets accounted for 36%
  • Delhi-NCR held a 30% share of leasing across the top eight cities
  • Top-eight-city leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
  • Top eight cities recorded 9.21 million sq ft of retail leasing in calendar 2025

Why this matters

With malls taking 64% of Delhi-NCR leasing and fashion and F&B driving demand, retailers and landlords have a favorable backdrop for site acquisitions, partnerships, and format expansion.

What to watch

  • Quarterly Delhi-NCR net absorption and whether leasing remains above 0.5 million sq ft.
  • Prime mall vacancy, rental growth and the share of deals involving renewals versus new openings.
  • Fashion, F&B and international-brand store-opening announcements in NCR.
  • New Grade A retail supply completions and pre-leasing levels.
  • Consumer discretionary spending, restaurant same-store sales and retailer margin trends.
  • High-street leasing growth relative to malls as prime mall inventory tightens.
  • Mall owners will seek rent escalations, higher revenue-share terms and longer lock-ins for sought-after units.
  • Fashion and F&B chains are likely to accelerate store pipelines in affluent NCR micro-markets, with larger flagship and experience-led formats.
  • Landlords will prioritize tenant remixing toward food, entertainment, beauty, athleisure and international brands to raise dwell time.
  • Retailers will scrutinize unit economics more tightly, favoring locations with omnichannel fulfillment value and proven footfall.
  • Developers may advance mall expansion, redevelopment and mixed-use retail plans, though delivery will lag leasing demand.