Delhi-NCR retail leasing rose 45% in Q1 2026 as fashion and F&B demand accelerated (resurfacing a Q1 2026 report)
Resurfacing data first reported for Q1 2026: Delhi-NCR retail leasing reached 0.59 million sq ft, up 45% year on year, according to Cushman & Wakefield. Malls captured 64% of leasing activity, with fashion and F&B brands driving demand amid limited quality supply.
What happened
Delhi-NCR retail 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 accounted for
Key facts
- Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft (nearly 6 lakh sq ft)
- Delhi-NCR leasing growth: 45% year-on-year
- Q1 2025 Delhi-NCR leasing: 0.41 million sq ft
- Shopping malls' share: 64%
- High streets' 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%
- Top-eight-city Q1 2025 leasing: 2.17 million sq ft
- Calendar 2025 retail leasing across eight cities: 9.21 million sq ft
Why this matters
Fashion and F&B brands should prioritize Delhi-NCR mall expansion and secure quality locations early, as accelerating demand and constrained supply may limit future site availability.
What to watch
- Q2 and Q3 Delhi-NCR net absorption versus the 0.59 million sq ft Q1 level
- Prime mall rent revisions, vacancy rates and tenant sales growth
- New Grade-A mall supply, redevelopment announcements and project completion timelines
- Share of leasing by fashion, F&B, beauty, electronics and experiential categories
- Consumer discretionary-spending indicators, especially festive-season sales and restaurant same-store sales
- Whether India-wide retail leasing recovers from its 10% year-on-year decline or remains regionally concentrated
- Mall owners are likely to raise asking rents, shorten rent-free periods and prioritize tenants with stronger sales-per-square-foot performance.
- Fashion brands may seek larger flagship stores in dominant malls while rationalizing lower-productivity locations elsewhere in NCR.
- F&B operators are likely to increase demand for food-hall, entertainment and experience-led space, improving mall dwell time and cross-shopping.
- Developers may advance redevelopment plans for aging malls and add retail components to transit-linked and mixed-use projects.
- Retail leasing momentum could increase institutional interest in stabilized mall assets and retail-focused REIT or private-capital transactions.