Published On:
October 30, 2025
Updated On:
October 30, 2025
Delhi-NCR has reclaimed its leadership in India’s commercial property market, with Q3 2025 office leasing volumes expanding 2.5 times compared to the previous quarter. Driven by IT, BFSI, and co-working demand, the region now accounts for nearly one-fourth of all office leasing nationwide.
Delhi-NCR has reclaimed its leadership in India’s commercial property market, with Q3 2025 office leasing volumes expanding 2.5 times compared to the previous quarter. Driven by IT, BFSI, and co-working demand, the region now accounts for nearly one-fourth of all office leasing nationwide.
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Delhi-NCR’s commercial real estate sector has staged a strong revival after a prolonged slowdown in 2024. Data from Cushman & Wakefield reveals that net leasing of office spaces soared to 3.79 million sq ft in Q3 2025, up from 1.52 million sq ft in the previous period — a 2.5× jump that underscores the market’s resilience.
Market Leadership
The NCR region contributed 23% of India’s total office leasing, ahead of Mumbai, Pune, and Hyderabad. This surge was led by Gurugram and Noida, along with new growth corridors like Dwarka Expressway and the Noida–Greater Noida Expressway, where improved connectivity and supply of Grade-A assets are attracting corporate occupiers.
Demand Drivers
Key sectors driving the recovery include:
Grade-A Dominance
The quarter also witnessed a clear preference for Grade-A workspaces, which comprised nearly 80% of all new supply. These premium offices feature sustainable designs, advanced HVAC systems, and integrated amenities suited for the hybrid work era.
Infrastructure Advantage
Delhi-NCR’s expanding transport network — including metro lines, expressways, and the upcoming RapidX corridor — is making suburban locations more attractive for both employees and employers. This decentralization trend is reshaping leasing patterns away from traditional CBDs.
Outlook for 2026
With global firms consolidating back-office operations in India and local corporates upgrading to better-quality assets, Delhi-NCR’s commercial market is expected to maintain momentum. Analysts project steady quarterly leasing growth and declining vacancy rates across key submarkets.
Conclusion
The NCR’s office market rebound is not just a cyclical bounce — it’s a structural transformation.
Premium supply, flexible leasing models, and strong infrastructure are setting the stage for sustained growth through 2026.
