Delhi-NCR retail leasing rose 45% in Q1, report resurfacing shows fashion and F&B drove demand

Resurfacing figures show Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier, according to Cushman & Wakefield. Malls captured 64% of demand, while constrained supply pulled total leasing across eight major cities down 10%.

— FiledFri, 28 Aug, 2026, 05:49 IST·First seen Fri, 28 Aug, 2026, 05:48 IST·Source Financial Express · BrandWagon

What happened

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

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
  • Malls accounted for 64% of Delhi-NCR leasing; high streets 36%
  • Delhi-NCR held a 30% share of leasing across India’s top eight cities
  • Eight-city Q1 2026 leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
  • Eight-city retail leasing was 9.21 million sq ft in calendar 2025

Why this matters

Corp-dev teams should target mall partnerships, landlord alliances, and fashion or F&B tenant platforms in Delhi-NCR, where 64% of leasing demand is concentrated in malls.

What to watch

  • Quarterly Delhi-NCR net absorption and mall vacancy rates.
  • Prime mall and high-street rent growth versus retailer sales growth.
  • New mall completions, pre-leasing levels and delayed project deliveries.
  • Share of leasing from international brands, F&B and experiential concepts.
  • Consumer discretionary spending, apparel sales and same-store sales disclosures.
  • Whether eight-city leasing recovers as supply becomes available.
  • Fashion chains expand flagship and large-format stores in prime Delhi-NCR malls.
  • F&B operators compete for food-court, entertainment-zone and high-footfall mall locations.
  • Mall owners raise asking rents, tighten tenant mixes and seek turnover-linked lease structures.
  • Retailers sign pre-commitments in under-construction malls to secure future quality space.
  • High-street landlords in Gurgaon, South Delhi and Noida test rent increases as overflow demand builds.