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

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 leasing, while Delhi-NCR contributed 30% of activity across India’s top eight cities, where total leasing fell 10% year on year.

— Filed Sat, 22 Aug, 2026, 06:03 IST · First seen Sat, 22 Aug, 2026, 06:03 IST · Source Financial Express · BrandWagon

What happened

Cushman & Wakefield · Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026, led by fashion and F&B demand. Mall-led leasing and

Key facts

  • Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft (nearly 6 lakh sq ft)
  • Delhi-NCR leasing growth: 45% year-on-year
  • Year-ago Delhi-NCR leasing: 0.41 million sq ft
  • Shopping malls' share: 64%
  • High streets' share: 36%
  • Delhi-NCR share of top-eight-city leasing: 30%
  • Top-eight-city Q1 leasing: 1.95 million sq ft, down 10% from 2.17 million sq ft
  • 2025 top-eight-city leasing: 9.21 million sq ft

Why this matters

The region’s mall-led leasing momentum makes Delhi-NCR an attractive market for partnerships, acquisitions, and expansion platforms in fashion and food-and-beverage retail.

What to watch

  • Prime-mall vacancy rates and achieved effective rents versus headline rents in Delhi, Gurgaon and Noida.
  • Share of leasing from new store expansion versus renewals, relocations and store-size upgrades.
  • Quarterly mall footfall, tenant sales density and F&B revenue growth.
  • New organized retail supply completions, redevelopment announcements and pre-commitment levels in NCR.
  • Whether all-India retail leasing returns to growth or Delhi-NCR remains an isolated outperformer.
  • Consumer discretionary spending trends, especially apparel, beauty, dining out and premiumization categories.
  • Landlords will prioritize fashion and F&B anchor deals that lift footfall and enable leasing of adjacent inline units at higher rents.
  • National and international retailers will use Delhi-NCR as a flagship-launch market, favoring clusters in Gurgaon, South Delhi and high-income Noida catchments.
  • Mall operators will increase tenant-mix churn, replacing lower-productivity categories with beauty, athleisure, quick-service dining and entertainment concepts.
  • Retailers will negotiate shorter initial commitments or stepped rents in secondary locations while accepting tighter terms in dominant malls.