Delhi-NCR retail leasing rose 45% in Q1 as fashion and F&B brands chased quality space

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 leasing as fashion and F&B occupiers drove demand, even as leasing across the top eight cities fell 10% year on year.

— FiledTue, 25 Aug, 2026, 05:18 IST·First seen Tue, 25 Aug, 2026, 05:17 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 fashion and F&B demand. Malls

Key facts

  • Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft (nearly 6 lakh sq ft)
  • Year-on-year Delhi-NCR leasing growth: 45%
  • Delhi-NCR Q1 2025 leasing: 0.41 million sq ft
  • Mall share of Delhi-NCR leasing: 64%
  • High-street share: 36%
  • Delhi-NCR share of top-eight-city leasing: 30%
  • Top-eight-city Q1 2026 leasing: 1.95 million sq ft
  • Top-eight-city Q1 2025 leasing: 2.17 million sq ft
  • Top-eight-city leasing decline: 10%
  • 2025 leasing across eight cities: 9.21 million sq ft

Why this matters

The concentration of leasing in malls and the acceleration in fashion and F&B demand make Delhi-NCR a priority market for partnerships, acquisitions, or platform deals tied to premium retail real estate.

What to watch

  • Quarterly Delhi-NCR mall vacancy, achieved rents and renewal spreads.
  • Whether fashion and F&B continue to represent the largest share of leasing in Q2 and Q3 2026.
  • New Grade-A mall completions, redevelopment announcements and anchor tenant commitments.
  • Footfall, tenant sales growth and restaurant table-turn trends at major Delhi-NCR malls.
  • Leasing recovery or further contraction across the other seven major cities.
  • Consumer discretionary spending, apparel sales and food-service inflation trends.
  • Prioritize Delhi-NCR flagship and high-visibility mall locations over broad citywide rollout.
  • Lock in multi-store or portfolio lease terms before prime-mall rents reset upward.
  • Use F&B, beauty, entertainment and omnichannel services to increase dwell time around fashion-led openings.
  • Model store economics with higher occupancy costs, longer fit-out timelines and mall-led marketing contributions.
  • Screen secondary malls for value opportunities where anchor upgrades can lift footfall without prime-market rent levels.