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, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, while the region captured 30% of leasing across India’s top eight cities.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% year-on-year to nearly 6 lakh sq ft in Q1 2026, led by fashion and F&B demand. Mall and high-street
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026 from 0.41 million sq ft
- Shopping malls accounted for 64% of Delhi-NCR leasing; high streets contributed 36%
- Delhi-NCR held a 30% share of leasing across India’s top eight cities
- Total leasing across eight cities fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Eight-city retail leasing totalled 9.21 million sq ft in calendar year 2025
Why this matters
The region’s disproportionate 30% share of top-city leasing makes Delhi-NCR a priority market for site acquisitions, partnerships, and growth-oriented brand rollouts.
What to watch
- Q2 leasing volume and whether Delhi-NCR continues to outperform the eight-city market.
- Mall occupancy, renewal rent escalations and incentive periods at major Delhi-NCR centers.
- Fashion and F&B same-store sales, especially weekend footfall and food-court sales productivity.
- New mall completions, redevelopment pipelines and vacancy levels in Gurgaon, Noida and central Delhi.
- Consumer discretionary-spending trends, inflation, and retail-chain capex or store-opening guidance.
- Prioritize mall locations with high footfall, strong multiplex or entertainment anchors and proven F&B dwell time.
- Lock multi-year leases before prime-mall rents and tenant-improvement costs rise further.
- Use new stores as omnichannel hubs, linking inventory visibility, click-and-collect and rapid local delivery.
- Expect landlords to favor tenants with strong sales-per-square-foot, differentiated concepts and reliable balance sheets.
- Monitor high-street alternatives in Gurgaon, Noida and South Delhi as premium mall availability tightens.