Delhi-NCR’s commercial real estate market is witnessing a remarkable rebound, with office leasing activity surging 2.5 times in Q3 2025 compared to the previous quarter. As per a Cushman and Wakefield report, net leasing of office spaces jumped 2.5 times to 3.79 million square feet in the third quarter of this calendar year from 1.52 million square feet in the year-ago period. This positioned Delhi-NCR as a major player in the national property market, contributing 23% to the total net leasing of office spaces across the top eight cities during the period.
The growth is being driven by strong occupier demand from sectors such as IT/ITeS, BFSI, and co-working, as businesses expand operations to accommodate a returning workforce and evolving hybrid models. Gurugram, Noida, and select micro-markets like the Dwarka Expressway and Noida-Greater Noida Expressway have emerged as frontrunners, backed by robust infrastructure, improved connectivity, and high-quality supply.
Besides, the market is also seeing a decisive shift towards quality. Nearly 80% of fresh office space supply in Q3 was Grade-A assets, indicating an appetite for premium, future-ready workspaces.
*Mr Sanchit Bhutani, Managing Director, Goup 108,says, “Noida and Greater Noida are entering a transformative phase where infrastructure growth and occupier intent are seamlessly aligned. With key developments like the Noida International Airport and the Noida Expressway driving momentum, this region is fast emerging as the next frontier for MNCs and GCCs to establish large-scale operations. The combination of quality supply, cost advantage, and policy stability makes it an ideal destination for future-ready office spaces. As Delhi-NCR continues to draw strong corporate interest on the back of its evolving infrastructure and robust talent ecosystem, Noida–Greater Noida is well poised to become one of the region’s most dynamic and future-focused business hubs—delivering sustained value for both enterprises and investors”
Moreover, the momentum signals a renewed sense of investor confidence and underscores the region’s growing dominance in India’s commercial real estate landscape. The growing presence of Global Capability Centers (GCCs) and multinational corporations is further driving sustained absorption, especially in emerging corridors with strong connectivity. At the same time, co-working operators are leasing larger floor plates to meet the evolving need for flexibility, collaboration, and hybrid working environments among today’s enterprises.
Prakash Mehta, Chairman and Managing Director, Ocus Group, says:
“The sharp rebound in office leasing underscores how Gurugram continues to anchor NCR’s commercial story. What we’re witnessing now is not just demand recovery but a structural shift — developers are increasingly repositioning assets toward integrated, mixed-use campuses rather than standalone towers. Occupiers today want ecosystems that blend workspace efficiency with lifestyle convenience. In this context, locations like Dwarka Expressway are emerging as the next growth frontier. Once the metro expansion and expressway become fully operational, the corridor will offer unparalleled connectivity and infrastructure readiness, making it a preferred destination for global occupiers and future-ready developments.”
Ajendra Singh, Vice President- Sales and Marketing, Spectrum@Metro, says, “The evolution of office spaces in NCR is moving toward environments that go beyond functionality to deliver a complete professional ecosystem. In Noida, we’ve seen growing demand for offices within developments, where accessibility, amenities, and visibility come together seamlessly. The advantage of being in a retail-integrated setting lies in convenience and connectivity — qualities that today’s workforce and occupiers value deeply. For many businesses, this format is proving to be a smarter, more sustainable choice for long-term operations.”
Therefore, the surge in office leasing during Q3 highlights not just a strong quarter, but a broader shift in Delhi-NCR’s commercial real estate narrative. From Grade-A office towers in Gurugram to emerging corridors along Dwarka Expressway and Noida-Greater Noida, every submarket is contributing to this renewed dynamism.
