Resurfacing a Q1 move: Delhi-NCR retail leasing jumped 45% as fashion and F&B fueled demand
Revisiting data showing Delhi-NCR leased 0.59 million sq ft of retail space in Q1 2026, up from 0.41 million sq ft a year earlier, according to Cushman & Wakefield. Malls accounted for 64% of leasing, while the region captured 30% of activity across India’s top eight cities.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% year-on-year in Q1 2026 to 0.59 million sq ft, led by fashion and F&B demand. Malls captured 64% of
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 contributed 36%
- Delhi-NCR held a 30% share of retail leasing across India’s top eight cities
- Top-eight-city leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Top-eight-city retail leasing totaled 9.21 million sq ft in calendar year 2025
Why this matters
Robust fashion and F&B-led leasing suggests retailers and landlords should prioritize partnership, acquisition and development opportunities around high-performing Delhi-NCR malls.
What to watch
- Quarterly Delhi-NCR leasing volumes and mall share of leasing activity.
- Prime-mall occupancy, quoted rents, revenue-share terms and landlord incentives.
- Fashion and F&B same-store sales growth versus new-store openings.
- New mall completions, redevelopment supply and availability of large-format units.
- Consumer discretionary spending, credit conditions and food inflation trends affecting mall footfall and ticket sizes.
- Store closures, renewal negotiations or expansion-plan revisions by anchor fashion and F&B chains.
- Prioritize mall locations with demonstrable conversion, repeat visitation and category adjacency rather than leasing solely for geographic coverage.
- Negotiate stepped rents, turnover-linked components, fit-out contributions and exit/relocation clauses before further rental escalation.
- Use F&B, beauty, athleisure and experiential co-tenancies to raise dwell time and cross-shopping for fashion-led stores.
- Reassess high-street alternatives in Gurgaon, Noida and peripheral Delhi-NCR where lower occupancy costs can offset weaker footfall.
- Accelerate omnichannel fulfillment from stores in dense catchments to improve economics of premium retail locations.