Resurfacing a Q1 2026 report: Delhi-NCR retail leasing jumped 45% as fashion and F&B demand accelerated
Data resurfacing from January-March 2026 shows Delhi-NCR retail leasing reached 0.59 million sq ft, with malls accounting for 64% of activity. The region contributed 30% of leasing across India's top eight cities, where overall leasing fell 10% amid limited quality supply.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% in Q1 2026 to 0.59 million sq ft, led by malls, high streets, fashion and F&B demand. Across eight major
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in January-March 2026, from 0.41 million sq ft
- Shopping malls accounted for 64% of Delhi-NCR leasing; high streets accounted for 36%
- Delhi-NCR represented 30% of leasing across the top eight cities
- Top-eight-city retail leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Top-eight-city retail leasing totalled 9.21 million sq ft in calendar year 2025
Why this matters
Accelerating fashion and F&B leasing in Delhi-NCR makes mall partnerships, anchor acquisitions, and local brand alliances more strategically valuable as premium space availability tightens.
What to watch
- Quarterly Delhi-NCR net absorption versus the 0.59 million sq ft Q1 level.
- Prime mall rent growth, vacancy rates, and the share of leases signed at renewal versus new openings.
- New Grade A mall completions, delayed projects, and availability in Gurgaon, Noida, South Delhi, and Dwarka catchments.
- Fashion and F&B same-store sales growth, store closure rates, and announced expansion plans.
- Whether leasing across India's top eight cities recovers from the reported 10% decline, indicating broader retailer confidence rather than a regional shift.
- Mall owners accelerate leasing of food courts, entertainment, beauty, athleisure, and premium fashion categories to capture demand concentration.
- Retail chains increase Delhi-NCR store pipelines, emphasizing flagship locations, omnichannel fulfillment potential, and malls with strong weekend footfall.
- Landlords redevelop underperforming space and replace low-productivity tenants with experiential F&B and higher-sales-per-square-foot brands.
- Retailers facing scarce prime availability pursue larger-format renewals, shop-in-shop partnerships, and high-street alternatives in affluent catchments.