Resurfacing Q1 2026 data: Delhi-NCR retail leasing jumped 45% as fashion and F&B drove demand
Delhi-NCR retail leasing rose to 0.59 million sq ft in January–March 2026, with malls taking 64% of transactions, according to a report resurfacing from that quarter. The region accounted for 30% of leasing across India’s top eight cities despite a 10% national decline.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing climbed 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 accounted for 36%
- Delhi-NCR held a 30% share of 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 totalled 9.21 million sq ft in calendar 2025
Why this matters
Use Delhi-NCR’s leasing momentum to pursue mall-based partnerships, acquisitions, or flagship-site deals in high-demand fashion and F&B corridors.
What to watch
- Q2 and Q3 2026 Delhi-NCR net absorption versus the 0.59 million sq ft Q1 level.
- Prime mall occupancy, new lease rent benchmarks, renewal uplifts and revenue-share terms.
- Pipeline and opening dates for new Grade A malls, mixed-use projects and organized high-street developments.
- Share of leasing by fashion, F&B, beauty, electronics and experiential entertainment tenants.
- India-wide leasing trend: whether the top-eight-city decline broadens or reverses.
- Consumer discretionary spending, retail sales growth, food inflation and retailer same-store sales in NCR.
- Prioritize flagship and experience-led stores in dominant destination malls, while negotiating rent escalations against revenue-share and tenant-improvement support.
- Build a Delhi-NCR expansion map that pairs mall anchors with smaller high-street, metro-adjacent and mixed-use formats to reduce dependence on scarce prime mall inventory.
- Use new stores as omnichannel nodes: reserve backroom capacity for click-and-collect, ship-from-store and rapid local replenishment.
- Landlords should accelerate food-court upgrades, entertainment, beauty and wellness leasing, which increase dwell time and support fashion conversion.
- Retailers should lock in fit-out contractors and launch schedules early, as increased leasing activity can tighten construction and store-design capacity.