Delhi-NCR retail leasing rose 45% in Q1 2026, led by fashion and F&B demand (resurfacing a Q1 2026 report)
Resurfacing data from early 2026: Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier, Cushman & Wakefield said. Malls captured 64% of leasing as constrained quality supply and expansion by domestic and international brands lifted demand for organised retail space.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing climbed 45% year-on-year in Q1 2026 to 0.59 million sq ft, led by mall demand and fashion/F&B occupiers.
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 and high streets 36%
- Delhi-NCR represented 30% of leasing across India’s top eight cities
- Leasing across eight cities fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Eight-city retail leasing was 9.21 million sq ft in calendar 2025
Why this matters
Domestic and international brands should accelerate Delhi-NCR expansion plans and secure high-quality mall locations early as fashion and F&B competition tightens available space.
What to watch
- Quarterly Delhi-NCR leasing volumes and whether they continue to outperform the top-eight-city national market.
- Prime mall vacancy, quoted rents, rent-free periods and revenue-share terms in Gurgaon, South Delhi and Noida.
- Store-opening announcements by international fashion, beauty, sportswear and quick-service restaurant brands.
- New mall completions, redevelopment pipelines and conversion of office or mixed-use projects into retail supply.
- Consumer discretionary spending, restaurant same-store sales and fashion retail sales growth in NCR.
- Evidence that leasing is broadening to secondary malls and high streets rather than remaining concentrated in prime malls.
- Mall operators are likely to accelerate tenant-mix upgrades, replacing weaker categories with fashion, beauty, experiential retail and food-and-beverage concepts.
- International brands may use Delhi-NCR as an initial scale market, taking larger flagship or multi-store commitments before broader India rollout.
- Landlords will seek longer leases, stronger revenue-share clauses and higher security deposits for scarce prime units.
- Retail chains may face higher occupancy costs and respond by emphasizing smaller formats, omnichannel fulfillment and higher-margin categories.
- High-street owners and secondary malls may invest in parking, food courts, entertainment and facade upgrades to compete for brand demand.