Delhi-NCR retail leasing rose 45% in Q1 2026 as fashion and F&B demand space, resurfaced data shows
Resurfacing a Q1 2026 report: Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier. Malls captured 64% of demand as fashion and food-and-beverage occupiers competed for limited quality space, even as leasing across India’s top eight cities fell 10%.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing grew 45% in Q1 2026 as fashion and F&B occupiers pursued scarce quality mall and high-street space. Despite a 10%
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million 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 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
- Top-eight-city retail leasing totalled 9.21 million sq ft in calendar 2025
Why this matters
The concentration of demand in fashion and F&B makes Delhi-NCR a priority market for store-network expansion, franchise partnerships, and mall-owner alliances.
What to watch
- Quarterly NCR mall vacancy and achieved effective rents, especially in Gurgaon and South Delhi.
- Share of leasing from new store openings versus renewals, relocations and consolidations.
- Pipeline delivery dates and pre-commitment levels for new Grade A malls and mixed-use retail projects.
- Fashion and F&B same-store sales, store productivity and discretionary consumption trends.
- Number of large-format anchor vacancies or department-store exits that could release quality space.
- Whether all-India retail leasing remains negative or turns positive in subsequent quarters.
- Fashion chains prioritize flagship and experience-led mall stores while closing or resizing weaker standalone locations.
- F&B operators compete for food-court, terrace and entertainment-adjacent units, increasing landlord demands for revenue-share structures and stronger operator covenants.
- Mall owners accelerate asset upgrades, tenant remixing and expansion of dining, beauty, athleisure and entertainment categories to monetize limited vacancy.
- Retailers seek smaller-format stores, shop-in-shops and franchise partnerships where prime mall availability is constrained.
- Developers market upcoming NCR supply through pre-leasing campaigns, targeting anchor tenants before construction completion.