Delhi-NCR retail leasing rises 45% in Q1 2026 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, according to Cushman & Wakefield. Malls accounted for 64% of leasing, while the region captured 30% of activity across India’s top eight cities.
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 Q1 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
- Retail leasing across the eight cities fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Retail leasing across the eight cities totalled 9.21 million sq ft in calendar 2025
Why this matters
Accelerating fashion and F&B leasing in Delhi-NCR suggests an opportune market for partnership, acquisition, and portfolio-expansion discussions with mall owners and emerging retail concepts.
What to watch
- Quarterly Delhi-NCR net absorption, mall vacancy and effective-rent growth versus headline rents.
- Share of leasing from fashion and F&B, including the number of large-format anchors and international-brand entries.
- Store sales density, weekend versus weekday footfall and tenant replacement rates at major malls.
- New Grade A mall completions, redevelopment timelines and pre-leasing levels in Gurgaon, Noida and Delhi.
- Consumer discretionary spending, restaurant same-store sales and retail-sector margin trends.
- Evidence of landlords reducing rent-free periods, raising revenue-share thresholds or shortening fit-out support.
- Prioritise Delhi-NCR Grade A mall locations with proven footfall, strong F&B adjacencies and upcoming transit or residential catchment growth.
- Accelerate lease negotiations before rental resets, but use turnover-linked rent, fit-out contributions and co-tenancy clauses to protect unit economics.
- Build a pipeline across Gurgaon, Noida and high-performing Delhi high streets to avoid dependence on scarce flagship mall inventory.
- Increase F&B, beauty and experiential tenant mix where relevant, as these categories can raise dwell time and support fashion conversion.
- Stress-test new-store plans against higher occupancy costs, delayed mall openings and lower-than-expected weekday traffic.