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 from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, with fashion and food-and-beverage occupiers driving demand, according to Cushman & Wakefield data cited by Financial Express.

— FiledTue, 8 Sept, 2026, 12:04 IST·First seen Tue, 8 Sept, 2026, 12:03 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 leasing: 0.59 million sq ft
  • Delhi-NCR leasing growth: 45% year-on-year
  • Year-ago Delhi-NCR leasing: 0.41 million sq ft
  • Mall share of Delhi-NCR leasing: 64%
  • High-street 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
  • Year-ago top-eight-city leasing: 2.17 million sq ft
  • 2025 leasing across eight cities: 9.21 million sq ft

Why this matters

Fashion and F&B-led leasing momentum creates opportunities to prioritize Delhi-NCR mall partnerships, landlord alliances, and acquisition targets with scalable premium retail footprints.

What to watch

  • Quarterly Delhi-NCR retail leasing volume and mall share of transactions.
  • Prime mall vacancy, achieved rents and tenant incentive levels.
  • Fashion and F&B chain store-opening announcements, closures and same-store sales trends.
  • New mall completions and redevelopment supply entering Delhi-NCR over the next 12-24 months.
  • Consumer discretionary-spending indicators, restaurant sales and weekend footfall trends.
  • Evidence of retailers shifting from large flagship formats to smaller, omnichannel-led stores.
  • Prioritize Delhi-NCR mall pipeline in catchments with proven fashion and food-and-beverage footfall.
  • Secure anchor and mini-anchor fashion tenants early, then use F&B adjacencies to extend dwell time and lift conversion for smaller retailers.
  • Benchmark prime-mall rents, fit-out contributions and revenue-share terms before committing to multi-store expansion.
  • Build a high-street fallback list in Gurgaon, Noida and South Delhi for brands priced out of top-tier malls.
  • Monitor whether leasing is driven by net new openings versus relocations, consolidations and lease renewals.