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Retail space leasing across shopping malls and high streets in Delhi-NCR rose 78% year-on-year to 1.3 million sq. ft. during the first half of 2026, driven by robust expansion by fashion retailers, food and beverage (F&B) operators and department stores, according to Cushman & Wakefield. Mall leasing more than doubled during the period, while leasing in high streets recorded moderate growth. The consultancy attributed the momentum to sustained retailer demand for quality retail assets, with vacancies in Grade A malls remaining low. Industry executives said expanding organised retail, improving infrastructure and the emergence of new consumption corridors across the National Capital Region are supporting long-term growth in the retail real estate market.
Retail leasing across shopping malls and high streets in Delhi-NCR increased 78% year-on-year to 1.3 million sq. ft. during January–June 2026, supported by expansion from fashion retailers, food and beverage (F&B) brands and department stores, according to a report by real estate consultancy Cushman & Wakefield.
The report showed that leasing activity remained particularly strong in shopping malls during the first half of 2026. Overall retail leasing reached 1.3 million sq. ft., with leasing in high streets registering a 4% year-on-year increase, while leasing in shopping malls more than doubled compared with the corresponding period last year.
Fashion retailers accounted for the largest share of leasing activity during the six-month period at 28%, followed by F&B operators at 16% and department stores at 12%. Cushman & Wakefield noted that the fashion and department store segments recorded the highest absolute increase in leasing volumes compared with the first half of 2025.
Commenting on the market, Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield, said retailers were actively competing for well-located retail assets across premium shopping malls and established high streets. He stated that this trend had resulted in lower vacancies, firmer rental values and stronger leasing momentum across major Indian cities.
Industry stakeholders also pointed to structural changes in the organised retail sector.
S K Sayal, Managing Director and Chief Executive Officer of Bharti Real Estate, said India's luxury retail market is entering a new phase, driven by sustained consumer demand and the development of high-quality retail infrastructure. He noted that the sector is witnessing a broader shift in the way luxury retail is being consumed and experienced across the country. Bharti Real Estate has a significant portfolio of office and retail assets in Delhi-NCR.
Robin Mangla, President of M3M India, said organised retail continues to expand steadily, with integrated mixed-use developments gaining prominence. He observed that projects combining retail, hospitality, office and residential components within a single destination are becoming increasingly attractive to retailers and consumers alike.
Rohit Mohan, President – Business Development at BPTP Group, said the National Capital Region has evolved beyond being a single-centre retail market. He attributed the emergence of new consumption hubs to ongoing infrastructure development and sustained residential growth, which are reshaping shopping, dining and leisure patterns across the region.
Shriram PM Monga, Co-founder of retail space consultancy Sred Global, said Delhi-NCR has developed into one of India's fastest-growing organised retail markets, supported by strong economic fundamentals, expanding urban infrastructure and changing consumer preferences. He added that Gurugram remains the primary growth driver within the region, backed by more than 100 million sq. ft. of Grade A office space, over 300 Global Capability Centres (GCCs) and a rapidly expanding residential catchment.
The Cushman & Wakefield report also highlighted the continued strength of premium retail assets, with Grade A shopping malls maintaining a low vacancy rate of 6%. In comparison, Grade B+ malls recorded a vacancy level of 13%, indicating stronger occupier preference for high-quality retail destinations.
Source - PTI
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