March 19, 2025: Delhi-NCR’s commercial real estate market is on an upward trajectory as businesses increasingly look beyond traditional office hubs. With a growing economy, an influx of MNCs, and the expansion of startups, the demand for premium office spaces is on the rise.
Over the years, NCR’s office leasing market has grown steadily, driven by rising occupier interest in emerging business corridors. According to Knight Frank, the average deal size for transacted office spaces in NCR increased by 29% year-on-year with an average deal size of 40, 025 sq ft. in 2024 from 30,955 sq ft. in 2023. Besides, in 2024, NCR recorded 12.7 million sq ft of office leasing.
Meanwhile, Noida saw a rise of 48% year-on-year in 2024 with over 3.92 million sq ft of leasing in the year. Gurugram remains the most preferred market with leasing of over 7.65 million sq ft; the region recorded a rise of 24% in the same period. Key micro-markets like the Noida-Greater Noida Expressway, Dwarka Expressway, SPR, and more are becoming sought-after commercial zones with upcoming Grade A office spaces, sustainability-focused developments, and rising investor interest due to improved connectivity.
Mr. Sanchit Bhutani Managing Director of Group 108, says, “Noida-Greater Noida has transformed into a flourishing commercial hub, attracting global corporations, IT giants, and MNCs seeking high-quality office spaces. Its rapid urbanization, robust infrastructure, and seamless connectivity to Delhi and other NCR cities have made it a hotspot for corporate expansion. Amidst this growth, Noida-Greater Noida Expressway observes an upsurge in premium Grade A office spaces, offering global businesses the perfect blend of strategic location, state-of-the-art commercial developments, and investor-friendly policies. We see this as an incredible opportunity to cater to the increasing demand from large occupiers looking for scalable, world-class work environments. As the corridor continues to evolve, it is set to become one of NCR’s most dynamic business districts, offering long-term value to both investors and enterprises.”
Harsh Gupta, CEO, Sundream Group, says, “Noida is emerging as a key player in NCR’s commercial real estate landscape, with its micro-markets driving strong leasing momentum. The demand for premium, tech-enabled office spaces is rising as MNCs, IT firms, and startups seek well-connected business districts with world-class infrastructure. We see a growing preference for flexible workspaces and integrated commercial hubs that enhance efficiency and work-life balance. With increasing corporate interest, robust metro connectivity, and competitive leasing rates, we envision that Noida’s office market is set for sustained growth, offering lucrative investment opportunities and high rental appreciation.”
Besides, mixed-use developments featuring office spaces with retail, hospitality, and entertainment are gaining popularity, offering a holistic work-life experience. With increasing demand for co-working spaces, sustainability-focused offices, and tech-enabled workplaces, the NCR office real estate landscape is evolving to meet the needs of a modern workforce and global enterprises.
Ajendra Singh, Vice-President (Sales and Marketing), Spectrum@Metro, says , “ Noida’s commercial real estate landscape is evolving as SMEs and startups increasingly invest in modern, high-quality office spaces to establish credibility and attract talent. Simultaneously, global companies are seeking premium office locations with excellent infrastructure to enhance their brand reputation and operational efficiency. Thus, with robust metro connectivity, strategic location advantages, and a growing business ecosystem, Noida is rapidly emerging as a preferred destination for dynamic enterprises looking for growth-ready office spaces.”
Prakash Mehta, Chairman & Managing Director of Ocus Group, says, “As Gurugram continues to dominate NCR’s commercial real estate market, companies are now exploring emerging corridors that offer premium office spaces with future-ready infrastructure. Sector 99 on Dwarka Expressway is one such high-potential region, attracting IT firms, startups, and multinational corporations looking for scalable, high-quality Grade A office spaces. With seamless connectivity to NH-48, Delhi, and IGI Airport, Sector 99 is poised to become Gurugram’s next commercial hotspot. Hence, this growth is set to create lucrative opportunities for developers looking forward to creating premium office spaces.”
Therefore, as NCR’s commercial real estate market evolves, emerging business hubs are set to become the next big destinations for corporate occupiers and investors. With enhanced infrastructure, competitive rentals, and a growing preference for decentralized office locations, the next 3-5 years will see major hubs cement their position as key commercial centers, driven by rising Grade A office supply, flexible workspace expansion, and institutional investments