Delhi NCR records gross leasing volume of 17.4 million sq ft in 2025

• In 2025, gross leasing totaled 17.4 million sq ft representing a marginal decline of 2% from 2024. IT/ITeS companies led the office space leasing with 24.7% share, followed by co-working providers (21.2%) and consultancy (14.8%).
• In 2025, Delhi NCR’s net absorption was 12.3 million sq ft, up by 30% y-o-y. Gurgaon (63.1%) and Noida (26.9%) comprised a hefty share in net absorption led by locations such as NH-8. In Q4 2025, net absorption stood at 2.4 million sq ft.

9.4 million sq ft of new supply infusion in 2025

• In Q4, new office supply totaling 1.95 million sq ft became operational. This was largely concentrated within SBD Delhi and Noida, taking the Grade A stock to nearly 164.4 million sq ft. During 2025, NH-8 and Aerocity witnessed completions of prominent office assets.
• In 2025, Gurgaon led new completions with a 55% share, followed by SBD Delhi (28%). In the next five years, multiple institutional grade office assets are slated for completion within Delhi NCR.

Office rents increase by 8.7% y-o-y

• Q4 2025 witnessed Grade A office rent appreciation across Delhi NCR. Encouraged by solid pre-commitments during the year, major developers adjusted pricing upward for future phases, indicating positive market trajectory.
• The robust leasing activity observed in recent months serves as a strong indicator of potential rent increase in the near term. The demand is primarily driven by a diverse mix of tenants: flexible workspace operators, technology companies and financial institutions.

Outlook: Leasing activity to demonstrate stability

• Quality office projects by leading developers and institutional owners are set to lead leasing momentum and rent appreciation in key submarkets. Net absorption projections may reach 7.0-7.5 million sq ft by year-end 2026.
• Delhi NCR office market remains an attractive office destination for investors. Demand stability led by premium buildings, quality completions on the anvil and enhanced connectivity will keep occupier interest and rental growth intact over the long haul.