Delhi-NCR retail leasing rose 45% in Q1, resurfacing Cushman & Wakefield's March data
Resurfacing figures from Cushman & Wakefield, Delhi-NCR retail leasing reached 0.59 million sq ft in January–March 2026, up 45% year on year. Malls accounted for 64% of leasing, while constrained quality supply tempered activity across the top eight 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. Mall and high-street
Key facts
- Delhi-NCR retail leasing: 0.59 million sq ft in January-March 2026
- Delhi-NCR leasing growth: 45% year-on-year
- Delhi-NCR year-ago leasing: 0.41 million sq ft
- Shopping malls share: 64%
- High streets share: 36%
- Delhi-NCR share of top-eight-city leasing: 30%
- Top-eight-city retail leasing: 1.95 million sq ft in January-March 2026
- Top-eight-city leasing decline: 10% year-on-year
- Top-eight-city year-ago leasing: 2.17 million sq ft
- Top-eight-city retail leasing in calendar 2025: 9.21 million sq ft
Why this matters
For acquisitive retailers and landlords, the market favors partnerships and early site control in Delhi-NCR’s high-quality malls, where 64% of leasing is concentrated and prime availability is tight.
What to watch
- Quarterly Delhi-NCR net absorption versus new grade-A mall completions
- Prime mall rent growth, vacancy rates and landlord incentives
- Share of leasing from F&B, international brands, beauty and value-fashion retailers
- Top-eight-city leasing trend, which would indicate whether Delhi-NCR strength is localized or a broader recovery
- Retailer same-store sales, discretionary consumption indicators and store-closure announcements
- Pre-leasing levels at upcoming malls and mixed-use retail developments
- Mall owners will pursue tenant remixing toward international fashion, beauty, athleisure, quick-service restaurants and experiential anchors.
- Retail chains will favor smaller, higher-productivity stores, shop-in-shops and omnichannel fulfillment-enabled locations where large-format space is unavailable.
- Landlords will accelerate mall upgrades, food-court expansions and redevelopment of underperforming retail blocks to create leasable quality supply.
- Developers with approved grade-A retail projects will bring supply forward, but delivery timing and pre-leasing will determine whether rents remain elevated.