Delhi-NCR retail leasing rose 45% in Q1, led by fashion and F&B demand, resurfacing a March 2026 report
Resurfacing data from a March 2026 report: Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, with malls accounting for 64% of activity. The region contributed 30% of leasing across eight major cities, where overall demand fell 10% amid limited quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% to nearly 6 lakh sq ft in Q1 2026, led by fashion and F&B demand. Malls took 64% of activity. Across
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 represented 64% of Delhi-NCR leasing; high streets represented 36%
- Delhi-NCR accounted for 30% of leasing across eight major cities
- Total leasing across eight cities fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Eight-city leasing totalled 9.21 million sq ft in calendar year 2025
Why this matters
Retailers and developers should prioritize mall-based expansion, leasing partnerships and portfolio access in Delhi-NCR before scarce high-quality space tightens further.
What to watch
- Quarterly Delhi-NCR net absorption versus the 0.59 million sq ft Q1 run rate.
- Prime mall vacancy, rental escalation and revenue-share trends in Gurgaon, Noida and South Delhi.
- New Grade A mall completions, redevelopment supply and announced anchor tenants.
- Same-store sales and store-opening guidance from fashion, quick-service restaurant and casual-dining chains.
- Consumer discretionary-spend indicators and any broadening of the leasing slowdown beyond supply-constrained markets.
- Fashion and F&B brands increase store pipeline announcements, especially for premium malls and mixed-use destinations.
- Mall owners tighten tenant selection, prioritize experiential F&B and international or aspirational fashion concepts, and seek higher revenue-share terms.
- Retailers use smaller-format stores, kiosks and high-street locations to secure catchments where mall space is unavailable.
- Developers accelerate leasing of under-construction Grade A projects through anchor pre-commitments and fit-out incentives.