Delhi-NCR office leasing rises 2.5x in Jul-Sep on strong corporate demand

Delhi-NCR contributed 23% to the total net leasing of office spaces across the top eight cities during the July-September quarter

The Delhi-NCR property market witnessed a 2.5 times jump in net leasing of office spaces during the July-September period on better demand for premium workspaces from corporates, according to Cushman & Wakefield.

Net leasing jumped to 3.79 million (37.9 lakh) square feet in the third quarter of this calendar year from 1.52 million (15.2 lakh) square feet in the year-ago period.

Net absorption is a key indicator of real estate demand, representing the net change in occupied office space.

Delhi-NCR contributed 23 per cent to the total net leasing of office spaces across the top eight cities during the July-September quarter.

Net leasing of office space rose 35 per cent across eight major cities to 16.25 million (162.5 lakh) square feet during the third quarter of this calendar year from 12.08 million (120.8 lakh) square feet a year ago.

With 44.3 million (443 lakh) sq ft of net absorption recorded in the first nine months of 2025, the market has already achieved nearly 87 per cent of the full-year total of 50.7 million (507 lakh) square feet in 2024, the consultant said.

"With one quarter still to go and a strong pipeline of active deals, the market is firmly on track to surpass last year's record, potentially setting a new high for annual net absorption again this year," C&W said.

Anshul Jain, Chief Executive, India, SEA & APAC Office and Retail, Cushman & Wakefield, said, "India's office sector continues to demonstrate structural strength. The market is now firmly in an expansionary cycle, with over 80 per cent of Q3 leasing driven by fresh take-up, a clear sign of occupiers growing their footprint, not just renewing space".

Nearly 80 per cent of fresh office space supply in Q3 was Grade-A+ assets, underscoring the decisive shift toward premium, future-ready workspaces, he noted.

"This evolution is being powered by long-term fundamentals, from the rise of GCCs and the scaling of start-ups to the resurgence of manufacturing and engineering," Jain said.

Occupiers of office space are making strategic and quality-driven decisions, he said.

"India is increasingly being seen as a core market for global operations, not just a cost centre. That's a structural shift and it's here to stay," Jain observed.