Delhi-NCR’s strategic location, first-rate infrastructure, and business-friendly environment have helped it establish itself as a top office space center for global firms and Global Capability Centers (GCCs). The need for office space has increased in the area in recent years, and leasing activity has been gradually increasing, especially in important business centers like Gurugram, Noida, and Faridabad.
In 2024, GCCs leased 24.9 million square feet, nearly tripling the 9.1 million square feet they leased in 2022. This year, their percentage of total leasing was 28%, up from 13% in 2022. According to JLL, Delhi-NCR’s net absorption for the year was 9.4 million square feet, of which 2.9 million square feet came from Q4 alone. The rise of GCCs and MNCs looking for flexible workspaces, which combined constituted for 56% of the gross leasing activity across India in 2024, was a major factor in this growth.
Commnting on this trend, Sandeep Chhillar, Founder and Chairman, Landmark Group, said, “Delhi-NCR’s office market is onwards a strong growth trajectory, and it comes as no surprise that Gurugram remains a key destination for driving this growth through MNCs and GCCs office expansion plans. With top-tier commercial spaces, unmatched connectivity, and thriving business districts, the city offers the necessary infrastructure that global companies need. Additionally, with infrastructure projects like the Dwarka Expressway and metro expansion, Gurugram’s appeal is all set to grow further. As businesses look for dynamic, future-ready spaces, Gurugram continues to lead the way as NCR’s ultimate corporate hub.”
The expansion of office space in Delhi-NCR is fueled by important micromarkets that provide first-rate infrastructure and smooth connectivity. With Golf Course Extension Road and new commercial corridors like SPR and Dwarka Expressway, Gurugram, sometimes referred to as Cyber City, continues to be a prominent destination for MNCs and GCCs because of its first-rate office space and robust corporate environment.
Harinder Singh Hora, Founder Chairman of Reach Group, said, “Modern office spaces are evolving beyond traditional setups, with mixed-use developments becoming a strategic choice for global firms. In Gurugram, there’s a growing demand for integrated workspaces that blend offices with retail, hospitality, and recreational facilities. Companies are leveraging data-driven workplace strategies, incorporating smart building technologies, IoT-enabled infrastructure, and energy-efficient designs to enhance operational efficiency and employee well-being. This focus on sustainable, transit-oriented developments with seamless digital connectivity is reshaping leasing trends, positioning mixed-use hubs as the future of commercial real estate in the NCR.”
In the meanwhile, new office hubs that provide affordable options and contemporary workplaces are driving up demand in Noida, especially along the Noida-Greater Noida Expressway. Thanks to the Delhi-Mumbai Expressway, metro connectivity, and impending economic expansions, Faridabad is also becoming more and more popular as an inexpensive place to do business. The Faridabad real estate market is changing as a result of other significant infrastructure developments, such as the Faridabad-Noida-Ghaziabad Expressway, the future Faridabad-Jewar Expressway, and the growth of Greater Faridabad, also referred to as Neharpar Faridabad.
Mohit Goel, MD, Omaxe Group, said, “The real estate market in Delhi-NCR is seeing significant growth, with Faridabad emerging as a location offering work-life balance in the region. The city is fast emerging as a viable destination for corporate offices, due to its constantly improving infrastructure, metro connectivity, and competitive commercial rental values. We’re seeing a steady rise in interest from IT firms, startups, and even global players who recognize its potential. As businesses seek cost-effective yet well-connected locations, we foresee Faridabad emerging as a promising hotspot for commercial investments.”
Given that 50.9 lakh square feet of office space have been leased in the Delhi-NCR area during the past two calendar years, Anarock claims that the area is becoming a popular location for MNCs to establish GCCs. Additionally, NCR is a desirable location for international enterprises due to the availability of Grade A office space, well-connected transit networks, and cost benefits over Bangalore and Mumbai.
Ashwani Kumar of Pyramid Infratech said, “Delhi-NCR continues to be a magnet for businesses seeking Grade A office spaces. While Gurugram has long been the frontrunner, emerging corridors like SPR and Dwarka Expressway are quickly gaining traction. These areas are attracting startups and global enterprises, drawn by premium office spaces and flexible leasing options. With strong policy support and ongoing infrastructure upgrades, Gurugram’s skyline is evolving fast, setting the stage for the next wave of corporate expansion in NCR.”
As a result, major micromarkets like Gurugram, Noida, and Faridabad continue to draw multinational corporations due to the ongoing need for Grade A office space. The NCR’s commercial real estate market is expected to rise steadily in the next years as office space tastes shift toward tech-enabled, flexible, and sustainable workplaces, solidifying the region’s standing as a booming international corporate destination.
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