Delhi-NCR retail leasing rises 45% in Q1 as fashion and F&B demand builds

Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, while fashion and food-and-beverage occupiers led demand despite constrained quality supply across major cities.

— FiledTue, 1 Sept, 2026, 06:17 IST·First seen Tue, 1 Sept, 2026, 06:17 IST·Source Financial Express · BrandWagon

What happened

Cushman & Wakefield · Delhi-NCR retail leasing rose 45% to 0.59 million sq ft in Q1 2026, led by malls and fashion/F&B demand. Despite supply constraints

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 the top eight cities
  • Top-eight-city Q1 leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
  • Top eight cities recorded 9.21 million sq ft of retail leasing in calendar 2025

Why this matters

Rising fashion and F&B leasing activity makes Delhi-NCR an attractive market for partnerships, portfolio acquisitions, and brand-led expansion platforms.

What to watch

  • Quarterly Delhi-NCR mall vacancy and achieved-rent data, especially in Gurgaon and Noida.
  • New mall completions, handover schedules and pre-leasing levels through 2026-27.
  • Fashion and F&B chain store-opening announcements, closures and same-store-sales trends.
  • Landlord shifts toward higher revenue-share demands, minimum guarantees and shorter lease tenures.
  • Consumer discretionary spending, weekend footfall and food-court sales growth.
  • Prioritize pipeline sites in dominant malls and top-performing high streets before renewals reset market rents.
  • Use F&B adjacency, omnichannel fulfillment capability and experiential store design to improve landlord negotiations and unit economics.
  • Secure expansion options or right-of-first-refusal clauses in upcoming mixed-use and mall developments.
  • Stress-test store P&Ls against higher occupancy costs, longer fit-out timelines and premium-location revenue-share structures.