Delhi-NCR retail leasing rose 45% in Q1 2026, resurfacing report shows fashion and F&B fueled demand
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 accounted for 64% of activity, with fashion and F&B driving demand despite tight supply across major Indian 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 Q1 2026 retail leasing: 0.59 million sq ft, up 45% from 0.41 million sq ft year earlier
- Malls accounted for 64% of Delhi-NCR leasing; high streets 36%
- Delhi-NCR held 30% of leasing across India’s top eight cities
- Top-eight-city Q1 2026 leasing: 1.95 million sq ft, down 10% from 2.17 million sq ft
- Calendar 2025 leasing across eight cities: 9.21 million sq ft
Why this matters
Strong mall-led leasing demand from fashion and F&B brands makes partnerships, acquisitions, and mixed-use development opportunities in Delhi-NCR more strategically attractive.
What to watch
- Quarterly Delhi-NCR net absorption and the share of leasing occurring in malls versus high streets.
- Reported effective rental growth, revenue-share terms, fit-out incentives and lease renewal spreads at major malls.
- New Grade-A mall completions, project delays and pre-leasing levels across Delhi-NCR.
- Fashion and F&B chain store-opening guidance, franchise signings and closure rates.
- Consumer discretionary spending, same-store sales growth and occupancy-cost ratios for listed retail and restaurant operators.
- Large fashion, beauty and F&B chains are likely to lock in mall space earlier, especially in Gurgaon, Noida and affluent Delhi catchments.
- Mall owners may re-tenant lower-productivity categories toward F&B, entertainment, athleisure and international fashion concepts to maximize footfall and rent potential.
- Developers are likely to accelerate mall refurbishments, retail-led mixed-use projects and expansion phases rather than rely solely on greenfield construction.
- Retailers will intensify store economics analysis, using smaller footprints and omnichannel fulfilment capability to justify higher prime-location rents.