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

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 the region captured 30% of leasing across India’s top eight cities, according to Cushman & Wakefield.

— FiledSat, 19 Sept, 2026, 05:33 IST·First seen Sat, 19 Sept, 2026, 05:32 IST·Source Financial Express · BrandWagon

What happened

Cushman & Wakefield · Delhi-NCR retail-space leasing rose 45% year on year in Q1 2026, led by fashion and F&B demand. Malls captured 64% of activity as

Key facts

  • Delhi-NCR retail-space leasing rose 45% year on year in Q1 2026
  • Delhi-NCR leasing reached 0.59 million sq ft, versus 0.41 million sq ft a year earlier
  • Shopping malls accounted for 64% of Delhi-NCR leasing
  • High streets accounted for 36% of Delhi-NCR leasing
  • 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
  • Calendar 2025 leasing across eight cities totalled 9.21 million sq ft

Why this matters

The acceleration in Delhi-NCR leasing makes local fashion, foodservice, and mall-platform partnerships more strategically valuable for expansion, franchising, or acquisition-led market entry.

What to watch

  • Q2-Q3 Delhi-NCR net absorption, mall vacancy and quoted rent growth.
  • Share of leasing converted into operational store openings within six to nine months.
  • Fashion and F&B same-store sales growth in NCR relative to rent escalation.
  • New mall supply, handovers and pre-leasing levels in Gurugram and Noida.
  • Retailer closures, lease renegotiations or expansion-plan cuts among mid-market fashion and restaurant chains.
  • Consumer discretionary spending, metro connectivity additions and weekend footfall trends.
  • Prioritize flagship and first-in-market locations in dominant malls before vacancy compresses further.
  • Model occupancy costs using higher renewal rents and tougher revenue-share assumptions for prime assets.
  • Use secondary NCR nodes for smaller-format, delivery-enabled and value-led concepts rather than duplicating premium-mall footprints.
  • Secure phased opening, fit-out and co-marketing commitments to limit exposure if consumer demand softens.
  • Track competitor lease signings by category to identify emerging mall clusters and avoid over-concentration.