Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B lift demand
Delhi-NCR leased 0.59 million sq ft of retail space in Q1 2026, with malls contributing 64% of activity. The region accounted for 30% of leasing across India’s top eight cities, where total leasing fell 10% amid limited supply despite expansion interest.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% in Q1 2026, led by malls and demand from fashion and F&B occupiers. Across eight major Indian cities,
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 retail 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
- Retail leasing across eight cities totaled 9.21 million sq ft in calendar 2025
Why this matters
For expansion teams, Delhi-NCR offers validated consumer demand but requires early site sourcing and landlord partnerships to secure scarce mall locations.
What to watch
- Quarterly NCR mall vacancy rates and achieved rental growth, especially in Gurgaon, Noida and South Delhi.
- New mall completions, project delays and the amount of upcoming Grade A retail supply.
- Leasing mix between fashion, F&B, beauty, entertainment and international brands.
- Retailer same-store sales, store-closure announcements and discretionary-spending indicators.
- Gap between NCR leasing growth and all-India leasing trends.
- Escalation in high-street rents that could redirect demand back to malls or constrain expansion.
- National and international fashion brands accelerate NCR flagship, experiential and omnichannel store openings.
- F&B operators pursue food-court, high-street and transit-oriented sites as mall vacancies tighten.
- Mall owners refurbish older assets, reconfigure department-store space and add dining/entertainment to create leasable inventory.
- Developers increase planned retail components in mixed-use projects, though meaningful new supply will lag current demand.
- Landlords seek higher base rents, turnover-linked clauses and longer lease commitments from high-demand categories.