Resurfacing Q1 2026 data: Delhi-NCR retail leasing rose 45% as fashion and F&B demand grew
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 figures now resurfacing. Malls accounted for 64% of activity, while the region captured 30% of leasing across India’s top eight cities, where overall volumes fell 10%.
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 drove most activity,
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year in Q1 2026
- Delhi-NCR leasing was 0.59 million sq ft versus 0.41 million sq ft a year earlier
- 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
The concentration of leasing in Delhi-NCR malls creates a timely pipeline for partnerships, acquisitions, and expansion deals with fashion and F&B brands seeking premium locations.
What to watch
- Q2 and Q3 Delhi-NCR net absorption versus the 0.59 million sq ft Q1 pace.
- Prime mall vacancy, quoted rents, tenant incentives, and renewal spreads in Gurugram, Noida, and South Delhi.
- Fashion, beauty, QSR, and casual-dining store-opening announcements and chain-level capex guidance.
- Delivery timelines and pre-commitment levels for upcoming malls and retail-led mixed-use projects.
- Consumer discretionary spending, footfall trends, and same-store sales performance among major retailers.
- Accelerate site identification and pre-leasing for premium malls, especially units suitable for food clusters and large fashion formats.
- Lock in renewals or expansion options at high-performing Delhi-NCR locations before rent repricing becomes more aggressive.
- Prioritize smaller, flexible store formats and revenue-linked leases in secondary catchments to preserve expansion optionality.
- Review F&B tenant mix, parking, delivery access, and entertainment adjacencies, as these factors become more important to mall traffic and dwell time.