Resurfacing Q1 2026 data: Delhi-NCR retail leasing jumped 45% as fashion and F&B demand accelerated

Delhi-NCR retail leasing rose to 0.59 million sq ft in Q1 2026, with malls taking 64% of transactions, according to previously reported figures now resurfacing. The region accounted for 30% of leasing across India’s top eight cities, where overall activity fell 10% amid limited quality supply.

— FiledFri, 18 Sept, 2026, 01:18 IST·First seen Fri, 18 Sept, 2026, 01:17 IST·Source Financial Express (via Wayback)

What happened

Cushman & Wakefield · Delhi-NCR retail leasing rose 45% in Q1 2026, led by fashion and F&B demand. Malls captured 64% of leasing, while constrained high-quality

Key facts

  • Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 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 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 leasing totalled 9.21 million sq ft in calendar 2025

Why this matters

The surge in fashion and F&B leasing makes Delhi-NCR a priority market for store-network expansion, landlord partnerships, and acquisitions of mall-based retail platforms.

What to watch

  • Quarterly Delhi-NCR net absorption and the share captured by malls versus high streets.
  • Announced Grade A mall completions, redevelopment timelines and pre-commitment levels.
  • Prime mall asking-rent growth, lease renewal spreads and tenant incentive levels.
  • Store-opening guidance from major fashion, beauty, QSR and casual-dining chains.
  • Consumer discretionary spending, festival-season sales and same-store sales growth.
  • Vacancy and tenant churn at secondary malls, which would indicate widening asset-quality polarization.
  • Fashion chains accelerate store rollouts in top-performing malls, favoring larger formats and flagship locations.
  • F&B operators pursue food-hall, entertainment-led and late-night concepts to capture mall footfall and dwell time.
  • Mall owners raise renewal rents, tighten revenue-share terms and redevelop underproductive space into dining, beauty, athleisure and entertainment uses.
  • Retailers increasingly sign pre-lease agreements for upcoming Grade A developments rather than wait for completed inventory.
  • Secondary malls respond with repositioning, local-brand curation and experience-led tenant incentives.