Delhi-NCR retail leasing rose 45% in Q1 2026, resurfaced report shows, as fashion and F&B demand strengthened
Resurfacing figures from Q1 2026, Delhi-NCR retail leasing reached 0.59 million sq ft that quarter, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, while the region represented 30% of leasing across India’s top eight cities.
What happened
Cushman & Wakefield · 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 captured 64% of
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 the top eight cities
- Top-eight-city leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Retail leasing across the eight cities totalled 9.21 million sq ft in calendar 2025
Why this matters
With Delhi-NCR capturing 30% of top-city leasing and malls accounting for 64% of activity, prioritize landlord partnerships and cluster-building opportunities in premium mall ecosystems.
What to watch
- Q2 and Q3 Delhi-NCR net absorption, pre-leasing and mall vacancy trends relative to the national top-eight-city market.
- Quoted rents, tenant-improvement packages and revenue-share terms at prime malls in Gurgaon, Noida, Saket, Vasant Kunj and Dwarka corridors.
- Store productivity indicators: weekend footfall, conversion, average transaction value, restaurant table turns and same-store sales for recent openings.
- New mall completions, redevelopment pipelines and anchor-store vacancies that could add competing supply.
- Whether fashion and F&B remain the dominant leasing categories or demand broadens to beauty, wellness, electronics and entertainment.
- Consumer-spending, discretionary-income and inflation indicators that could alter retailer expansion budgets.
- Prioritize Delhi-NCR mall pipelines, especially assets with demonstrated fashion, beauty, athleisure, quick-service restaurant and casual-dining footfall.
- Secure larger or strategically located units before prime-mall vacancy tightens; negotiate renewal and expansion options alongside new leases.
- Use phased store rollouts and sales-based break clauses in emerging submarkets to avoid overcommitting ahead of demand validation.
- Reassess the portfolio allocation away from underperforming secondary high streets toward destination malls and transit-connected mixed-use developments.
- Prepare for higher occupancy costs by underwriting rent escalations, common-area charges, fit-out periods and revenue-share structures in prime properties.