Delhi-NCR retail leasing rose 45% in Q1 2026, led by fashion and F&B demand (resurfacing a January 2026 report)

Retail leasing in Delhi-NCR reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier, according to a Cushman & Wakefield report resurfacing from January 2026. Malls accounted for 64% of activity, while high streets contributed 36%.

— FiledWed, 16 Sept, 2026, 13:33 IST·First seen Wed, 16 Sept, 2026, 13:32 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 malls and fashion/F&B demand.

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
  • Year-ago Delhi-NCR leasing: 0.41 million sq ft
  • Shopping malls' share of Delhi-NCR leasing: 64%
  • High streets' share: 36%
  • Delhi-NCR share of top-eight-city activity: 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
  • Top-eight-city calendar 2025 leasing: 9.21 million sq ft

Why this matters

Accelerating fashion and F&B leasing in Delhi-NCR creates partnership and acquisition opportunities around scalable retail concepts, while mall-led demand favors brands with formats suited to organized shopping destinations.

What to watch

  • Q2 and Q3 leasing volumes versus the 0.59 million sq ft Q1 base.
  • Prime-mall rent growth, leasing incentives and vacancy rates.
  • Fashion and F&B store-opening announcements, closures and same-store sales trends.
  • New mall completions and redevelopment pipelines in Gurgaon, Noida, Greater Noida and Delhi.
  • Consumer discretionary spending, food inflation and retail sales growth.
  • Share of leasing from domestic brands versus international entrants and franchise operators.
  • Mall owners prioritize flagship-store deals, category curation and redevelopment of low-yield retail space.
  • Fashion and F&B chains accelerate site pipelines in Gurgaon, Noida, South Delhi and airport-adjacent consumption corridors.
  • Landlords seek higher revenue-share structures, longer lock-ins and tenant-funded fit-outs for prime locations.
  • Retailers use omnichannel fulfillment, click-and-collect and experiential store formats to justify higher occupancy costs.
  • Investors and developers evaluate new mall, mixed-use and high-street supply, with risk of oversupply in non-prime micro-markets.