Delhi-NCR retail leasing rises 45% in Q1 as fashion and F&B demand accelerates
Retail leasing in Delhi-NCR reached 0.59 million sq ft in January–March 2026, with malls accounting for 64% of activity. The region contributed 30% of leasing across eight major cities, even as all-India top-eight leasing fell 10% amid limited quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail-space leasing rose 45% in Q1 2026, led by fashion and F&B demand. Mall leasing dominated activity, while constrained
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in January-March 2026, from 0.41 million sq ft
- Malls represented 64% of Delhi-NCR leasing; high streets represented 36%
- Delhi-NCR accounted for 30% of leasing across India’s top eight cities
- Eight-city leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- 2025 leasing across eight cities totalled 9.21 million sq ft
Why this matters
Strong mall-led demand and constrained quality supply make Delhi-NCR a compelling market for landlord partnerships, portfolio acquisitions, and strategic joint ventures with fashion and F&B brands.
What to watch
- Quarterly Delhi-NCR mall vacancy, effective rent and lease incentive data.
- New Grade-A retail supply delivery dates and pre-commitment levels.
- Fashion, beauty, QSR and casual-dining store-opening guidance.
- Renewal spreads and tenant churn at major regional malls.
- Consumer discretionary spending, footfall and same-store-sales trends in NCR.
- Track announced mall completions, redevelopment pipelines and vacancy changes in Gurugram, Noida, Delhi and Faridabad.
- Prioritize pre-leasing or early renewals in dominant malls before rent resets intensify.
- Monitor high-street spillover in select corridors as brands unable to secure mall space seek alternative locations.
- Assess tenant mix for fashion and F&B concentration, including revenue-share exposure and food-court capacity constraints.