Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B demand accelerates
Delhi-NCR retail leasing reached 0.59 million sq ft in January-March 2026, up from 0.41 million sq ft a year earlier, according to Cushman & Wakefield. Malls captured 64% of leasing as organised and international retailers competed for quality space.
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 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 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
- Calendar 2025 leasing across eight cities totalled 9.21 million sq ft
Why this matters
Accelerating fashion and F&B leasing makes Delhi-NCR a priority market for expansion partnerships, mall-based acquisitions, and brand portfolio deals that can unlock scarce premium retail access.
What to watch
- Quarterly Delhi-NCR mall vacancy and effective-rent changes, especially in prime South Delhi, Gurugram and Noida assets.
- Share of leasing by international brands, fashion, beauty, F&B and entertainment categories.
- New mall completions, redevelopment announcements and retail inventory additions in NCR.
- Retailer same-store sales, footfall and mall trading-density data; leasing remains durable only if store productivity rises with occupancy costs.
- Interest rates, consumer discretionary spending and premium-consumption indicators that could weaken retailer expansion appetite.
- Evidence of rising pre-commitments, waitlists or rental auctions for anchor and large-format units.
- Prioritize flagship and omnichannel-led stores in top-performing malls, using sales-based rent clauses where possible.
- Secure expansion options and contiguous units early in high-traffic malls before vacancy compresses further.
- Shift marginal expansion to premium high streets and mixed-use projects where mall rents exceed store-level productivity thresholds.
- Landlords are likely to re-tenant lower-productivity categories toward international fashion, beauty, athleisure, experiential retail and differentiated F&B.
- Expect more mall capex on dining clusters, entertainment, parking, digital signage and tenant-fitout support to sustain dwell time and capture higher turnover rents.