Delhi NCR office leasing hits 3.55 million sq ft in Q2 2026

• In Q2 2026, gross leasing stood at 3.55 million sq ft, up 16% from the previous quarter. Flexible operators dominated space take-up with a 41% share, followed by consulting at 18% and IT/ITeS at 13%. Together, these three sectors represented 72% of quarterly leasing.
• In Q2 2026, net absorption reached 2.04 million sq ft, marking a 39% increase from Q1 2026. Gurgaon dominated with a 56% share, while Noida accounted for 30%. NH-8, Noida Expressway, Golf Course Extension and SBD Delhi accounted for 71% of overall net absorption.

New supply infusion of 1.35 million sq ft in Q2 2026

• In Q2 2026, 1.35 million sq ft of new office completions were noted in Delhi NCR. Gurgaon dominated with an 88% share, followed by Noida with 12%. Total Grade A stock now stands at 167.2 million sq ft. Key completions were on NH-8 and Golf Course Extension.
• Delhi NCR’s office market is set to witness new Grade A office completions totalling 44.2 million sq ft between H2 2026 and 2030, driven by the development pipeline of leading developers in Gurgaon, Noida and Aerocity in Delhi.

Office rents witness 7.7% y-o-y growth

• Delhi NCR Grade A office rents reached INR 94.6 per sq ft in Q2 2026, rising 0.9% from the previous quarter. Healthy demand for limited Grade A assets in prime locations led developers to charge a premium for office space.
• Quality office developments in Gurgaon, Noida and SBD Delhi drew healthy tenant interest, hinting at rental growth ahead. Diversified tenant demand from co-working, IT/ITeS, consulting, manufacturing and financial institutions will keep absorption healthy mid-term.

Outlook: Leasing activity to sustain momentum through H2 2026

• In H2 2026, leasing is expected to hit the 3.8–4.3 million sq ft mark in premium office assets at prime locations, driven by reputed developers and institutional investors. This trend also signals potential rental growth ahead.
• Investment in office development will likely stay robust going forward. Strong leasing demand, improved quality standards, a solid pipeline of premium projects and better transport connectivity are driving continued market strength.