Delhi-NCR retail leasing rose 45% in Q1 2026, resurfaced report shows, as fashion and F&B demand accelerated

Resurfacing a January 2026 Cushman & Wakefield report, Delhi-NCR retail leasing reached 0.59 million sq ft in January-March 2026, up from 0.41 million sq ft a year earlier. Malls captured 64% of activity, while limited quality supply constrained leasing across India’s top eight cities.

— FiledSat, 19 Sept, 2026, 16:03 IST·First seen Sat, 19 Sept, 2026, 16:03 IST·Source Financial Express (via Wayback)

What happened

Cushman & Wakefield · Delhi-NCR retail leasing climbed 45% year-on-year in Q1 2026 to 0.59 million sq ft, led by fashion and F&B demand. Limited high-quality

Key facts

  • Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in January-March 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
  • Top-eight-city leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
  • The eight cities recorded 9.21 million sq ft of retail leasing in calendar 2025

Why this matters

The acceleration in fashion and F&B leasing makes Delhi-NCR a priority market for expansion, franchise partnerships and mall-based acquisition opportunities.

What to watch

  • Quarterly Delhi-NCR net absorption and the mall share of leasing activity.
  • New Grade A mall completions, delivery delays and announced redevelopment inventory.
  • Prime mall asking-rent growth, revenue-share terms, vacancy rates and tenant replacement activity.
  • Fashion, beauty and F&B chain store-opening announcements and franchisee expansion plans.
  • Same-store sales, mall footfall and F&B spend trends, especially after festive and wedding-season periods.
  • Interest-rate, consumer-spending and discretionary-income indicators that could affect retailer rollout budgets.
  • Prioritize Delhi-NCR mall locations with demonstrable weekend footfall, strong F&B dwell time and adjacent fashion anchors.
  • Build a 12- to 24-month pipeline of pre-commitments rather than relying on ready-to-lease prime units.
  • Use flexible store formats, kiosks and smaller experience-led footprints to enter constrained malls without waiting for large boxes.
  • Reassess store economics using higher occupancy-cost assumptions, including escalations, revenue share, fit-out and common-area charges.
  • Secure high-street alternatives near dense residential and office catchments as negotiating leverage against mall landlords.