Delhi-NCR retail leasing rose 45% in Q1, resurfacing a Q1 2026 report on fashion and F&B demand

Resurfacing data from Q1 2026, Delhi-NCR retail leasing reached 0.59 million sq ft, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of leasing, while fashion and food-and-beverage occupiers led demand, according to Cushman & Wakefield data cited by Financial Express.

— FiledThu, 10 Sept, 2026, 05:49 IST·First seen Thu, 10 Sept, 2026, 05:48 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
  • Year-on-year leasing growth in Delhi-NCR: 45%
  • Delhi-NCR Q1 2025 retail leasing: 0.41 million sq ft
  • Shopping malls' share of Delhi-NCR leasing: 64%
  • High streets' 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 year-on-year leasing decline: 10%
  • Top-eight-city Q1 2025 leasing: 2.17 million sq ft
  • Top-eight-city calendar 2025 leasing: 9.21 million sq ft

Why this matters

Accelerating fashion and F&B expansion in Delhi-NCR creates opportunities to pursue mall partnerships, regional rollouts, and adjacent-format acquisitions before prime inventory tightens.

What to watch

  • Q2 2026 Delhi-NCR net absorption and whether leasing remains above the Q1 annualized pace.
  • Prime mall vacancy, quoted rents and renewal spreads in Gurgaon, South Delhi, Noida and Greater Noida.
  • Share of leasing from new market entrants versus existing-brand expansions.
  • Fashion discretionary-sales trends and same-store sales growth during the festive season.
  • F&B store closures, delivery-platform commission changes and restaurant-level profitability.
  • New mall completions and the amount of immediately leasable grade-A retail supply.
  • Fashion retailers are likely to prioritize larger-format stores, experience-led concepts and mall relocations or upgrades in top Delhi-NCR catchments.
  • F&B operators may expand through food courts, casual dining and quick-service formats, increasing competition for ventilation-ready units and high-visibility frontage.
  • Mall owners are likely to raise asking rents selectively, shorten rent-free periods and favor brands with stronger sales credentials or complementary category mixes.
  • Retail real-estate developers may accelerate mall refurbishments, F&B zone expansions and tenant-mix repositioning to capture leasing momentum.