Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B demand builds
Delhi-NCR retail leasing rose to 0.59 million sq ft in January-March 2026, led by fashion and food-and-beverage occupiers. Malls accounted for 64% of activity, while constrained supply helped pull top-eight-city leasing down 10% year-on-year.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing grew 45% year-on-year in Q1 2026 to nearly 6 lakh sq ft, led by fashion and F&B demand. Malls dominated activity,
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
- Top-eight-city retail leasing was 9.21 million sq ft in calendar 2025
Why this matters
The market’s momentum favors partnerships, acquisitions, or expansion formats tied to fashion and F&B brands seeking scarce mall-based growth space in Delhi-NCR.
What to watch
- Quarterly Delhi-NCR retail leasing and net absorption, especially whether fashion and F&B retain their share of demand.
- Prime mall rental growth, lease escalation clauses, revenue-share demands and vacancy rates.
- New mall completions, redevelopment approvals and delays in the Delhi-NCR pipeline.
- Same-store sales, mall footfall and weekend F&B spend for major retail chains.
- Expansion announcements by international fashion, beauty, quick-service restaurant and entertainment brands.
- Evidence that top-eight-city leasing weakness is supply-led rather than a broader pullback in retailer demand.
- Prioritize Delhi-NCR mall locations with demonstrable footfall, catchment affluence and adjacent entertainment or office demand.
- Lock in multi-store or multi-city leases before prime-mall rents and revenue-share terms tighten further.
- Use smaller formats, kiosks or shop-in-shops to enter constrained malls while preserving capacity for flagship stores.
- Reallocate expansion budgets toward F&B-adjacent, beauty, athleisure and occasionwear concepts that benefit from longer mall dwell times.
- Build high-street and redevelopment pipelines as a hedge against limited Grade-A mall availability.