Delhi-NCR retail leasing rises 45% in Q1 as fashion and F&B demand strengthens
Delhi-NCR retail-space leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier. Malls contributed 64% of leasing, while Delhi-NCR accounted for 30% of activity across India’s top eight cities amid limited quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail-space leasing climbed 45% year-on-year in Q1 2026, led by fashion and F&B demand. Mall leasing dominated, while
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 tightening premium retail-space market in Delhi-NCR could justify partnerships, acquisitions, or development-led strategies to secure mall exposure before supply constraints intensify.
What to watch
- Quarterly net absorption versus new Grade-A mall completions in Delhi-NCR
- Prime mall rental growth, renewal spreads and vacancy rates
- Share of leasing from fashion, F&B, beauty, electronics and entertainment tenants
- Store-opening guidance from large Indian and international retail chains
- Consumer discretionary-spending trends, restaurant same-store sales and mall footfall growth
- Pre-commitments at upcoming malls and redevelopment projects
- Performance gap between dominant malls, secondary malls and high-street locations
- National fashion, beauty, athleisure and QSR chains are likely to reserve upcoming Grade-A mall inventory earlier and sign larger-format or flagship leases.
- Mall owners will prioritize tenant-mix upgrades, replacing weaker anchors with experiential F&B, entertainment, premium fashion and omnichannel brands.
- Landlords may seek higher base rents, shorter rent-free periods and stronger revenue-share terms in high-performing assets.
- Developers are likely to advance redevelopment, mixed-use retail and mall expansion plans to capture the shortage of quality space.
- Retailers unable to secure prime locations may shift toward high-street clusters, transit-adjacent mixed-use projects and smaller omnichannel-led formats.