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Leasing in the Delhi-NCR office space market has grown sharply, with net leasing rising 2.5 times during the July-September period compared to last year. The region accounted for 23 per cent of total net leasing across the top eight cities, where net leasing overall rose 35 per cent. With 44.3 million square feet of net absorption in the first nine months of 2025, the market has nearly matched last year's total. The rise is driven by corporates expanding into premium Grade-A+ spaces, including GCCs and start-ups, marking India as a core market for global operations.
The Delhi-NCR office market has witnessed a substantial rise in leasing activity, with net leasing increasing 2.5 times during the July-September period compared to the same period last year. Cushman & Wakefield reported that net leasing reached 3.79 million square feet, up from 1.52 million square feet previously, driven by stronger demand from corporates for premium office spaces. Net absorption, which measures the net change in occupied office space, indicates a healthy demand in the market. Advertisement
Delhi-NCR contributed nearly 23 per cent to the total net leasing across the top eight cities during this quarter. Across these cities, net leasing rose 35 per cent, reaching 16.25 million square feet, up from 12.08 million square feet in the year-ago period. The first nine months of 2025 have already seen 44.3 million square feet of net absorption, achieving almost 87 per cent of last year's full-year total of 50.7 million square feet. With one quarter remaining and a strong pipeline of active deals, the market is on track to surpass last year's record and may set a new high for annual net absorption.
Anshul Jain, Chief Executive for India, SEA & APAC Office and Retail at Cushman & Wakefield, explained that India's office sector continues to demonstrate structural strength and is in a clear expansionary cycle. Over 80 per cent of Q3 leasing came from fresh take-ups rather than renewals, showing that occupiers are expanding their footprint. Nearly 80 per cent of the newly supplied office space was Grade-A+ assets, reflecting the growing preference for premium, future-ready workspaces.
Jain noted that this shift is supported by long-term fundamentals, including the expansion of global capability centres (GCCs), scaling of start-ups, and the revival of manufacturing and engineering sectors. Occupiers are making strategic and quality-driven decisions when choosing office space. India is increasingly being viewed as a core market for global operations rather than just a cost centre, indicating a structural change that is expected to continue.
Source PTI
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