Delhi-NCR retail leasing rises 45% in Q1 as fashion and F&B demand builds
Delhi-NCR leased 0.59 million sq ft of retail space in Q1 2026, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, while limited supply pulled top-eight-city leasing down 10% year-on-year.
What happened
Cushman & Wakefield · Delhi-NCR retail-space leasing rose 45% in Q1 2026, led by fashion and F&B occupiers. Mall leasing dominated, while constrained supply
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft (nearly 6 lakh sq ft) in January-March 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
- Retail leasing across the top eight cities totalled 9.21 million sq ft in calendar 2025
Why this matters
Fashion and F&B-led demand creates opportunities to secure local growth partnerships, acquire high-performing concepts, or build mall-focused expansion platforms before prime inventory tightens further.
What to watch
- Quarterly Delhi-NCR mall completions, vacancy rates and pre-commitment levels.
- Prime mall and high-street effective-rent growth, including landlord-funded fit-out incentives.
- Store-opening guidance from major fashion, F&B, beauty and athleisure chains.
- Consumer discretionary spending, restaurant same-store sales and festive-season footfall.
- Whether top-eight-city retail leasing recovers from its 10% year-on-year decline.
- Prioritize pre-leasing and early renewals at dominant malls before competing supply enters the market.
- Target fashion, F&B, beauty and experiential tenants for cluster-based leasing rather than isolated store deals.
- Evaluate high-street and mixed-use locations as overflow options where mall availability is constrained.
- Underwrite rent growth selectively: strongest for proven malls, transit-linked destinations and affluent catchments.
- Monitor tenant sales productivity and occupancy costs before committing to large-format expansion.