Office leasing in Delhi NCR rises to a new record in 2025

Delhi-NCR recorded all time high office space leasing in 2025 of 15.8 million sq ft, a growth of 24% from last year.

With opening of Noida airport is expected in the next few months, the city contributed a significant share in this growth, registering a 73% rise in annual leasing during 2025.

According to Cushman & Wakefield, the IT–BPM sector led the annual demand with a 37% share, followed by professional services firms (15%) and engineering & manufacturing firms (14%).


“The demand has now become more broad-based, spreading beyond traditional strongholds into micro-markets like Noida, Noida Expressway and non-prime Gurugram corridors such as Sohna Road and Golf Course Extension. Strong leasing in these areas shows how improved infrastructure, including the upcoming Noida International Airport, is drawing occupiers to newer corridors and helping high-vacancy micro-markets firm up steadily,” said Supriya Chatterjee, Managing Director, North, Cushman & Wakefield.

Enhanced infrastructure across emerging corridors such as Noida Expressway and NH-8 Prime has broadened the demand base, with IT-BPM firms driving momentum as space take-up more than doubled in 2025, alongside strong growth in Engineering & Manufacturing (23% YoY) and Professional Services (16% YoY).

Supply is however a major concern with the region saw 7.2 million sq ft during the year, due to which vacancy level reduced by significant 360 bps YoY.

“Noida is now giving competition to Gurgaon as corporates are not anymore hesitant in moving here. Some luxury developers are also coming up with branded residences which shows the demand is coming from top executives who prefer to stay in such development,” said Sachin Arora, founder of real estate consultancy firm Moneytree.

Vacancy in the Noida Expressway submarket recorded a significant 7.6 percentage point YoY compression, reflecting sustained leasing momentum. This uptake is supported by a compelling value proposition: high-quality assets at a 25–40% rental discount compared to prime NCR hubs, amplified by infrastructure tailwinds from the upcoming Noida International Airport (Jewar).

During Q4 2025, Delhi NCR recorded a 2–5% QoQ increase in overall rentals. On a YoY basis, rents rose by 6–8% across the region, with Gurugram CBD outperforming at 12–15% growth over the same period.