Delhi-NCR retail leasing rises 45% in Q1 2026 as fashion and F&B demand strengthens
Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier, Cushman & Wakefield data showed. Malls accounted for 64% of leasing, while constrained supply contributed to a 10% decline across India’s top eight cities.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing increased 45% year-on-year to 0.59 million sq ft in Q1 2026, led by fashion and F&B demand. Mall leasing
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 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 totalled 9.21 million sq ft in calendar 2025
Why this matters
The leasing surge reinforces the strategic value of securing mall partnerships, acquiring access to prime retail footprints and prioritizing fashion and F&B concepts in Delhi-NCR.
What to watch
- Quarterly Delhi-NCR net absorption, vacancy, and effective-rent data, especially for premium malls versus high streets.
- Pre-commitments and opening schedules for new Grade A retail supply in Gurugram, Noida, Delhi, and Faridabad.
- Fashion, beauty, F&B, and entertainment retailer store-opening guidance and same-store sales trends.
- Mall lease-renewal spreads, tenant churn, and the share of leasing completed through revenue-share agreements.
- Consumer discretionary spending, urban footfall, and food-service sales during the festive and wedding seasons.
- Mall operators are likely to prioritize premium fashion, beauty, athleisure, F&B, and entertainment tenants that raise dwell time and sales density.
- Large retailers will seek earlier renewals, multi-location packages, and revenue-share structures to secure scarce prime space before rents reset higher.
- Developers may accelerate mall expansions, retail podium projects, and repositioning of underperforming centres into food, entertainment, and premium-brand destinations.
- Digitally native consumer brands may increase offline pilots, using malls for customer acquisition and brand validation rather than broad full-format rollouts.