Delhi-NCR retail leasing rises 45% in Q1 as fashion and F&B fuel demand
Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up 45% year-on-year, according to Cushman & Wakefield. Malls accounted for 64% of activity as fashion and F&B occupiers competed for limited quality space.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% in Q1 2026, led by fashion and F&B demand. Malls captured most activity as domestic and international
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
- 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
- 2025 leasing across the top eight cities totalled 9.21 million sq ft
Why this matters
Fashion and F&B brands’ competition for limited mall space makes Delhi-NCR a priority market for partnership, acquisition, and expansion planning.
What to watch
- Quarterly mall vacancy and asking-rent changes in Delhi-NCR.
- New mall completions, redevelopment openings and delivery delays.
- Fashion and F&B store-opening announcements, especially by national chains and international entrants.
- Renewal spreads and evidence of tenant churn at top-tier malls.
- Consumer discretionary spending, food-service same-store sales and retailer funding conditions.
- Accelerate site pipelines in Delhi-NCR before prime mall vacancy tightens further.
- Prioritize flexible store formats and conversion-friendly high-street sites where mall inventory is unavailable.
- Lock in renewal options and cap escalation exposure for existing high-performing locations.
- Use sales-density thresholds to distinguish strategic flagship sites from rent-led expansion.