Delhi-NCR retail leasing rises 45% in Q1 as fashion and F&B demand strengthens
Delhi-NCR leased 0.59 million sq ft of retail space in Q1 2026, up from 0.41 million sq ft a year earlier, Cushman & Wakefield said. Malls accounted for 64% of activity, while the region captured 30% of leasing across India’s top eight cities.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing climbed 45% year-on-year in Q1 2026 to 0.59 million sq ft, led by malls and fashion and F&B demand. Across eight
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 accounted for 64% of Delhi-NCR leasing; high streets accounted for 36%
- Delhi-NCR held a 30% share 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 accelerating Delhi-NCR leasing market makes local fashion, F&B and mall-platform partnerships more strategically valuable for scaling physical retail presence.
What to watch
- Q2-Q3 NCR net absorption and whether leasing remains above the Q1 2026 pace.
- Prime mall vacancy, renewal spreads and quoted rent growth in Gurgaon, Noida and South Delhi.
- New mall and mixed-use project completions, pre-leasing levels and anchor commitments.
- Fashion and F&B same-store sales, dining footfall and retailer store productivity.
- Consumer discretionary-spend indicators, inflation and financing conditions affecting fit-out and expansion budgets.
- Share of leasing from domestic versus international brands and the mix of mall versus high-street transactions.
- Prioritize mall-based expansion in high-footfall NCR catchments, especially for fashion, beauty, athleisure and F&B formats.
- Lock in multi-store or portfolio leases before prime-mall rent resets, while negotiating fit-out contributions and revenue-share protections.
- Use high streets selectively for flagship, omnichannel and food-led concepts where mall availability is constrained.
- Build store-opening pipelines around Noida, Gurgaon and mixed-use office-residential hubs that can support weekday and weekend traffic.
- Prepare for intensified competition for anchor, mini-anchor and large-format F&B units as brands consolidate into fewer high-productivity assets.