Delhi-NCR’s Commercial Office Market Defies Global Trends, Leads India in 2025

In a year marked by global economic uncertainty, Delhi-NCR’s commercial real estate market stands as a beacon of resilience and progress.

The first quarter of 2025 saw the region’s office sector not just weather the storm, but surge ahead with remarkable momentum. According to Cushman & Wakefield, India’s top eight cities recorded a gross leasing volume of 20.3 million sq ft in Q1 2025, a 4.5% rise year-on-year. Delhi-NCR claimed a robust 14% share, trailing only Bengaluru, Mumbai, and Pune.

Delhi-NCR: Destination of Choice for Global Corporates

Delhi-NCR’s rise as a preferred hub for multinational corporations and Global Capability Centres is no accident. The region’s strategic location, world-class infrastructure, and business-friendly environment have made it a magnet for top-tier occupiers. Corridors like Gurugram, Noida, and Faridabad are buzzing with leasing activity, especially for Grade A office spaces that promise sustainability, modern amenities, and future-ready infrastructure.

The shift toward hybrid work has further shaped the market. Companies now seek flexible, scalable environments that foster collaboration yet support remote work. As a result, demand for managed and integrated office formats—blending technology, wellness, and adaptability—continues to rise.

Gurugram: The Epicenter of Premium Workspaces

Gurugram remains the undisputed centre of gravity for premium office spaces. Global firms are drawn by its connectivity, infrastructure, and a proven track record of quality delivery. The willingness of tenants to pay a premium for future-proof assets is unmistakable. Ongoing infrastructure upgrades, like the Dwarka Expressway, further amplify Gurugram’s appeal as a business destination.

Noida and Faridabad: Rising Commercial Stars

Noida is redefining its office market through integrated, mixed-use developments that seamlessly combine workspace, retail, and hospitality. The upcoming Noida International Airport is set to be a game-changer, boosting both accessibility and investor confidence. Meanwhile, Faridabad is emerging as a commercial hotspot, thanks to improved connectivity and growing interest from both MNCs and domestic enterprises.

Sectoral Drivers and Investment Momentum

Delhi-NCR’s net absorption reached 9.4 million sq ft in 2024, led by IT/ITeS, BFSI, and startups—sectors that accounted for more than half of all leasing activity. The region’s appeal is further enhanced by stable returns, strong REIT performance, and steady private equity inflows. Investors are actively seeking income-generating, Grade A assets, especially in micro-markets benefiting from new expressways and metro expansions, setting the stage for robust rental growth and capital appreciation.

Outlook: Future-Ready, Experience-Driven

With its blend of strong demand, evolving workspace models, and ongoing infrastructure upgrades, Delhi-NCR is poised to maintain its leadership as India’s commercial real estate powerhouse. As businesses reimagine their workplace strategies, the region’s hubs—particularly Gurugram, Noida, and Faridabad—are primed to deliver experience-driven, future-ready office environments that align with the dynamic needs of global and domestic enterprises.