India’s commercial real estate sector is on an upward trajectory, with office leasing expected to grow by 8-10% in FY26, reaching 47-49 million sq. ft., according to Crisil Ratings. The expansion is driven by the BFSI, IT/ITES, and GCC sectors, along with the rising presence of flex space operators.

Delhi-NCR remains a key driver, recording its best year in 2024 with 12.7 million sq. ft. of office leasing. Knight Frank data shows that the average deal size for transacted office spaces in NCR jumped 29% year-on-year, reaching 40,025 sq. ft. in 2024. In comparison, the average deal size across India’s top eight commercial markets increased by 14%, reflecting a nationwide surge in demand.

“Gurugram has firmly cemented itself as a leading commercial hub, attracting Fortune 500 companies and MNCs looking to expand in India,” said Sandeep Chhillar, Founder and Chairman of Landmark Group. The city registered 7.65 million sq. ft. of office leasing in 2024, up 24% year-on-year, driven by its evolving infrastructure and strategic location.

Meanwhile, Noida is emerging as a strong competitor to Gurugram, posting a 48% annual leasing activity rise totalling 3.92 million sq. ft. in 2024. “Noida’s excellent connectivity, infrastructural growth, and upcoming Noida International Airport are turning it into a commercial hotspot,” noted Dr. Amish Bhutani, Managing Director at Group 108.

Gurugram’s emerging micro-markets—Golf Course Extension Road, Southern Peripheral Road, Sohna Road, and Dwarka Expressway—also witness growing leasing activity. “Improved infrastructure, access to major highways, and premium office spaces are attracting businesses beyond traditional hubs,” said Harpreet Singh Hora, Director of Reach Group.

As businesses prioritize seamless connectivity and sustainable office spaces, developers are tapping into micro-markets like Dwarka Expressway, SPR, Faridabad, and Greater Noida West, which offer well-connected, future-ready workspaces. “The rise in leasing transactions in these new districts signals Gurugram’s sustained growth trajectory,” added Ashwani Kumar, Pyramid Infratech.

Delhi-NCR remains India’s most sought-after commercial real estate destination, with expanding businesses, rapid infrastructure upgrades, and investor confidence at an all-time high. As leasing activity accelerates, the region’s office space market is poised for long-term, sustainable growth.