Delhi-NCR retail leasing rose 45% in Q1 2026 as fashion and F&B demand accelerated, resurfaced data shows
Resurfacing Q1 2026 figures: Delhi-NCR leased 0.59 million sq ft of retail space that quarter, up 45% year on year, with malls accounting for 64% of activity. The region captured 30% of leasing across eight major cities, where overall retail leasing fell 10% amid limited quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail-space leasing grew 45% year-on-year to 0.59 million sq ft in Q1 2026, led by fashion and F&B demand. Mall leasing
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft (nearly 6 lakh sq ft) in Q1 2026, from 0.41 million sq ft
- Shopping 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
- Total leasing across eight cities fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Retail leasing across the eight cities was 9.21 million sq ft in calendar 2025
Why this matters
Retailers seeking Delhi-NCR expansion should move early on premium mall locations, where accelerating fashion and F&B demand is likely to intensify competition for limited quality space.
What to watch
- Q2 leasing volume and whether Delhi-NCR sustains share above 30% of eight-city retail leasing.
- Prime mall vacancy, renewal rents and revenue-share terms in Gurgaon, Noida and South Delhi.
- New grade-A mall and mixed-use retail completions versus announced delivery schedules.
- Fashion and F&B store-opening guidance, same-store sales trends and mall footfall conversion.
- Evidence of retailer expansion shifting from established malls to high streets, neighborhood centers or peripheral developments.
- Fashion brands should lock in high-footfall mall renewals early and prioritize productivity-based expansion rather than broad footprint growth.
- F&B operators should target food-court, entertainment and experiential adjacencies, where mall owners are likely to favor dwell-time-enhancing concepts.
- Mall landlords should reprice scarce prime units selectively, use shorter option windows for high-demand categories and accelerate tenant remixing toward fashion, beauty, athleisure and food.
- Retailers unable to secure prime locations should test smaller formats, shop-in-shops and omnichannel fulfillment-led locations in emerging NCR corridors.