The Complete Picture — Ranking the Deals That Defined NCR’s Record-Breaking Year

At the half-year mark, the numbers looked strong. By December 2025, it was official — Delhi-NCR had recorded its strongest office leasing year ever. According to Cushman & Wakefield, NCR closed 2025 with 15.8 million sq ft of gross leasing, a 24% year-on-year increase, while net absorption surged 82%.

Nationally, NCR ranked second only to Bengaluru in total leasing. But NCR led the country in rental acceleration, with Gurugram’s CBD witnessing 12–15% rental growth — the strongest among India’s major office markets.

The first half hinted at momentum. The second half delivered the defining blows. Google returned with a second, larger commitment. TCS made a decisive play on the Noida Expressway. And American Express unveiled the largest office campus it has ever built globally — in Gurugram.

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2025 At a Glance

• 15.8 Million Sq Ft – Full-Year NCR Leasing
• +24% YoY Growth
• +82% Net Absorption Growth
• +12–15% Gurugram CBD Rent Growth

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The 20 Largest Delhi-NCR Office Leases of 2025

(Ranked strictly by size — New + Renewals + Owner-Occupied)

1. American Express – ~1,000,000 sq ft
Sector 74A, Gurugram (Owner-Occupied Campus)

2. Nagarro – 706,000 sq ft
Udyog Vihar, Gurugram

3. Google India – 617,000 sq ft
Atrium Place, Udyog Vihar, Gurugram

4. Google India – 550,000 sq ft
DLF Downtown, Gurugram (via Table Space)

5. Smartworks – 470,000 sq ft
DLF City V, Gurugram

6. Tata Consultancy Services (TCS) – 400,000 sq ft
Assotech Business Cresterra, Noida Expressway

7. Eternal Ltd – 278,249 sq ft
Intellion Park, Gurugram

8. IBM India – 260,000 sq ft
TRIL Tower, Gurugram

9. IBM India – 230,378 sq ft
Intellion Park Tower 4, Gurugram

10. GCC – European BFSI Major – ~200,000 sq ft
Gurugram CBD

11. Flex Operator (Smartworks / WeWork) – ~200,000 sq ft
Sector 62, Noida

12. GCC – Global IT-BPM Firm – ~180,000 sq ft
Noida Expressway

13. Deloitte India – ~175,000 sq ft
Prestige Trade Tower, Aerocity

14. GCC – US Technology Major – ~150,000 sq ft
DLF Downtown Phase 2, Gurugram

15. Ciena Corporation – 135,000 sq ft
Intellion Park, Gurugram

16. GCC – Engineering & Manufacturing MNC – ~130,000 sq ft
Noida Expressway

17. GCC – Asia-Pacific Bank – ~120,000 sq ft
Sector 32, Gurugram CBD

18. Professional Services Firm – ~100,000 sq ft
Worldmark, Aerocity

19. GCC – Life Sciences MNC – ~90,000 sq ft
Golf Course Extension Road, Gurugram

20. Israel Aerospace Industries India Services – 45,277 sq ft
Intellion Park, Gurugram

(Estimated entries derived from submarket absorption data where tenant disclosures are confidential.)

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What 2025 Clearly Established

Gurugram’s Dominance Is Structural

Three commitments shaped Gurugram’s year:

• Google – 1.167 million sq ft (two deals)
• Nagarro – 706,000 sq ft (12-year tenure)
• American Express – 1 million sq ft campus

Combined: nearly 2.9 million sq ft from just three occupiers. Vacancy tightened materially. Prime Grade A supply became constrained. Landlords with quality stock gained pricing power.

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GCCs Remain the Core Engine

GCCs accounted for roughly 37% of total NCR leasing, led by IT-BPM, followed by professional services and engineering & manufacturing. These are not speculative occupiers. They commit long-term, prefer large contiguous floor plates, and prioritise infrastructure, ESG credentials, and connectivity. The pipeline suggests this is not cyclical demand — it is structural.

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Noida’s Inflection Point

Noida recorded the highest growth rate within NCR in 2025.

TCS’s 400,000 sq ft anchor deal validated the Expressway corridor. Sector 62 absorbed flex demand. And the upcoming Noida International Airport is already influencing long-term occupier positioning. The airport effect has not yet fully priced into rents — but it will.

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Aerocity Is Now Institutional

Deloitte’s pre-commitment at Prestige Trade Tower confirmed that Aerocity is no longer peripheral. It is now a credible Grade A office micro-market for companies requiring a Delhi address with airport access.

Developers and institutional tenants are both signalling confidence.

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What This Means for 2026

• GCC demand will continue to anchor large-block absorption.
• Gurugram CBD rents are structurally supported.
• Noida Expressway will re-rate post Jewar Airport.
• Aerocity will see further institutional validation.
• Domestic Indian corporates will increasingly compete for premium space.

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The Bottom Line

The largest Delhi-NCR office leases of 2025 tell one clear story:

The occupiers with conviction moved early. The ones who hesitated are negotiating in a tighter market. This is no longer the vacancy-heavy NCR of 2021–2022. Supply in prime corridors is limited. Rents are firming. And institutional demand is deep.

The evidence from 2025 is unambiguous.

Sources: Cushman & Wakefield India (H1 & Full Year 2025 NCR Office Reports), JLL India Office Market Dynamics Q3 2025, Knight Frank India Annual Review 2025, Colliers India Q4 2025, Propstack (lease registration documents), Business Standard, Economic Times, The Flex Insights, GCC Rise. Confirmed transaction data sourced from publicly filed property registration records and verified media reports. Estimated entries for GCC/BFSI occupiers are derived from submarket-level absorption data where individual tenants are not publicly disclosed. Readers are encouraged to verify specific deal terms independently¹

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