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

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, with fashion and food-and-beverage brands driving demand amid limited quality supply.

— FiledThu, 24 Sept, 2026, 05:33 IST·First seen Thu, 24 Sept, 2026, 05:32 IST·Source Financial Express · BrandWagon

What happened

Delhi-NCR retail real estate market · 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. Malls

Key facts

  • Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft
  • Delhi-NCR leasing growth: 45% year-on-year
  • Delhi-NCR Q1 2025 retail 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 2026 leasing: 1.95 million sq ft
  • Top-eight-city leasing decline: 10% year-on-year
  • Top-eight-city Q1 2025 leasing: 2.17 million sq ft
  • Top-eight-city 2025 leasing: 9.21 million sq ft

Why this matters

Fashion and F&B brands should prioritize Delhi-NCR expansion partnerships and early mall commitments, as limited premium supply could constrain future site access.

What to watch

  • Quarterly Delhi-NCR net absorption and whether leasing remains above the Q1 2026 pace.
  • Prime-mall vacancy rates, renewal spreads and reported asking-rent increases.
  • Share of leasing captured by fashion and F&B versus beauty, electronics, jewellery and entertainment.
  • New mall completions, redevelopment announcements and pre-leasing levels in Gurgaon, Noida and key Delhi catchments.
  • Consumer discretionary spending, restaurant same-store sales and retailer store-closure rates.
  • Whether high-street leasing gains share as mall rents rise.
  • Large fashion and F&B chains accelerate store pipeline approvals for top-performing Delhi-NCR malls before rents reset higher.
  • Mall owners raise asking rents, shorten vacancy windows and favor experiential anchors, international brands and food-led tenants.
  • Retailers seek longer lease tenures, rent-free fit-out periods and revenue-share structures to protect unit economics.
  • Developers prioritize premium retail components in mixed-use projects and reposition older malls with dining, entertainment and beauty/wellness tenants.