Resurfacing Q1 2026 data: Delhi-NCR retail leasing jumped 45% as fashion and F&B demand accelerated
Cushman & Wakefield's report, resurfacing from early 2026, shows Delhi-NCR retail leasing reached 0.59 million sq ft in January–March 2026, up from 0.41 million sq ft a year earlier. Malls captured 64% of activity, while constrained quality supply pulled top-eight-city leasing down 10% year-on-year.
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 accounted for 36%
- Delhi-NCR represented 30% 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
- The eight cities recorded 9.21 million sq ft of leasing in calendar year 2025
Why this matters
Fashion and F&B operators should prioritize partnerships or site acquisitions in high-performing Delhi-NCR malls before premium space becomes scarcer.
What to watch
- Quarterly Delhi-NCR net absorption, vacancy and effective-rent data, especially for Grade-A malls.
- Share of leasing accounted for by fashion, F&B, beauty, electronics and international entrants.
- New mall and mixed-use retail completions, pre-leasing levels and redevelopment announcements.
- Store-opening guidance and same-store-sales trends from listed apparel, quick-service restaurant, jewellery and beauty retailers.
- Escalation clauses, revenue-share terms, fit-out incentives and lease tenures in newly signed deals.
- Consumer discretionary-spend indicators, inflation, employment growth and metro-led footfall trends across NCR micro-markets.
- Major fashion and F&B chains are likely to accelerate Delhi-NCR store-network mapping, with emphasis on premium malls, destination food zones and affluent micro-markets.
- Mall owners may re-tenant toward experiential categories, international brands, beauty and food halls, reducing exposure to weaker legacy anchors.
- Landlords are likely to seek longer leases, higher minimum guarantees and turnover-linked rent structures as vacancy tightens.
- Developers may revive delayed mall, retail podium and mixed-use projects, though delivery timelines will remain constrained by financing, approvals and tenant pre-commitments.
- Retailers priced out of top malls may expand through smaller formats, franchise models and high-street stores, increasing competition for prime frontage.