Resurfacing Q1 2026 data: Delhi-NCR retail leasing jumped 45% as fashion and F&B drove demand
Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier, according to Cushman & Wakefield data resurfacing from that quarter. Malls accounted for 64% of take-up as brands competed for limited organised retail space.
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. Malls captured 64% of
Key facts
- Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft
- Delhi-NCR leasing growth: 45% year-on-year
- Delhi-NCR Q1 2025 leasing: 0.41 million sq ft
- Shopping mall share: 64%
- High-street share: 36%
- Delhi-NCR share of top-eight-city leasing: 30%
- Top-eight-city Q1 2026 leasing: 1.95 million sq ft
- Top-eight-city leasing decline: 10% year-on-year
- Top-eight-city Q1 2025 leasing: 2.17 million sq ft
- Top-eight-city CY2025 leasing: 9.21 million sq ft
Why this matters
The concentration of leasing in malls highlights an opportunity to secure strategic partnerships, acquisitions or long-term store pipelines before prime organised retail inventory tightens further.
What to watch
- Quarterly Delhi-NCR retail leasing volume and the mall versus high-street share of take-up.
- Prime mall occupancy, renewal rates, achieved rents and landlord incentive levels.
- New organised retail supply deliveries and construction delays in Gurugram, Noida and Delhi catchments.
- Store-opening guidance from major fashion, beauty, footwear, QSR and casual-dining chains.
- Consumer discretionary-spending trends, same-store sales growth and restaurant footfall.
- Evidence of retailer closures, delayed openings or rising vacancy in secondary malls.
- Mall owners increase rents for prime units and prioritize large anchors, international entrants and omni-channel brands with strong sales productivity.
- Fashion, beauty, quick-service restaurant and casual-dining chains accelerate store pipeline approvals to lock locations before further rental escalation.
- Retailers negotiate revenue-share clauses, fit-out contributions, longer rent-free periods and co-marketing support to protect store-level margins.
- Developers advance redevelopment, retail podium and mixed-use projects, while repositioning underperforming malls toward F&B, entertainment and experiential tenants.
- Franchisees and multi-brand operators seek smaller-format stores and high-street alternatives where mall availability is constrained.