In Q1 2024, Delhi-NCR’s office leasing soared to 4.03 million sq ft, with flex spaces accounting for over a third. NH-8 Gurugram and Noida City led, highlighting a shift towards flexible work environments in prime commercial hubs.
In a strong showing for the first quarter of 2024, Delhi-NCR recorded 4.03 million square feet in gross office leasing, with flexible workspace operators playing a significant role. These operators contributed to over one-third of the region’s total leasing activity, underscoring a growing trend towards flexible office solutions.
The bustling corridors of NH-8 in Gurugram and Noida City led the charge, with both areas accounting for more than 50% of the overall leasing volume during this period. This concentration of leasing activity in these submarkets highlights their emerging status as preferred business hubs. Manish Aggarwal, Senior Managing Director of North & East India at JLL, noted, “Among the various submarkets within Delhi NCR, the NH-8 in Gurugram and Noida City showcased the highest leasing activity, collectively accounting for over 50% of the total leasing during the quarter. These areas have become prime business destinations and attracted significant attention from occupiers.”
The surge in leasing was particularly notable in sectors such as BFSI (Banking, Financial Services, and Insurance) and manufacturing. Still, the flex space operators truly shined, recording a record-breaking quarterly space take-up of 1.42 million square feet. This remarkable uptake is a testament to the region’s rising popularity and demand for flexible workspaces.
Aggarwal further emphasised the overall market dynamics, stating, “The impressive leasing performance in Delhi NCR’s first quarter highlights the region’s resilience, vibrancy, and attractiveness as a commercial real estate market.” This performance indicates a broader shift in workplace dynamics, with more companies opting for flexible and scalable office solutions to accommodate their evolving needs.
This trend towards flexibility is not just reshaping the commercial real estate landscape in Delhi-NCR but also setting the tone for future developments in office leasing across major urban centres. As businesses continue to seek versatile and cost-effective office solutions, the flex space market in India is poised for significant growth, driven by innovation and adaptability in real estate offerings.
