Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B demand accelerates
Delhi-NCR leased 0.59 million sq ft of retail space in Q1 2026, with malls accounting for 64% of activity. The region captured 30% of leasing across the top eight cities, even as national leasing fell 10% amid limited quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing climbed 45% year-on-year in Q1 2026, led by fashion and F&B demand. Mall and high-street occupier interest
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 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
Retailers and developers should prioritize Delhi-NCR expansion partnerships and site pipelines now, particularly in malls, before limited premium inventory tightens further.
What to watch
- Quarterly Delhi-NCR mall occupancy, leasing volumes and net effective rent growth.
- New Grade-A mall completions, redevelopment pipelines and availability of large-format units.
- Fashion, beauty and F&B same-store sales, store-opening guidance and outlet closures.
- Weekend footfall, dwell time and food-court sales trends at leading malls.
- Retailer demand for omnichannel fulfillment, click-and-collect and experience-led store formats.
- Consumer discretionary-spending indicators and premium-brand sales growth.
- Prioritize renewals and pre-leasing in dominant malls before rent benchmarks reset upward.
- Track fashion-led clusters with complementary F&B, entertainment and beauty tenants to capture dwell-time spillovers.
- Evaluate high-street and mixed-use alternatives for brands unable to secure mall inventory.
- Expect landlords to favor financially strong national and international brands, increasing pressure on smaller independent retailers.
- Monitor secondary-mall repositioning opportunities as prime assets absorb disproportionate demand.