Delhi-NCR Office Market – Half Year, Full Momentum
Half-year review of major office transactions and what it means for the rest of 2025
We have completed six months of 2025, and the Delhi-NCR office market is already looking very strong. In fact, leasing activity in the first half has crossed many of the full-year numbers seen between 2019 and 2022.
But this is not only about total square footage. More important is who is taking space, how much they are taking, and for how long. That tells the real story of the market.
We have listed below the largest office lease deals signed in Delhi-NCR from January to June 2025, based on available confirmed and market information. This gives a clear idea of where the action is happening and which locations are leading.
H1 2025 Snapshot
- 7.6 million sq ft gross leasing in NCR (Jan–Jun 2025)
- +10% growth quarter-on-quarter (Q2 vs Q1)
- +24% year-on-year growth vs H1 2024
- 37% demand coming from GCCs (Global Capability Centres)
Largest Office Deals (Jan–June 2025)
- Google India (via Table Space)
DLF Downtown, DLF 5, Gurugram
550,000 sq ft – New Lease – Confirmed - Nagarro
Udyog Vihar, Sector 18, Gurugram
706,000 sq ft – New Lease – Confirmed - Eternal Ltd (Zomato)
Intellion Park, Sector 59, Gurugram
278,249 sq ft – New Lease – Confirmed - Deloitte India
Prestige Trade Tower, Aerocity, New Delhi
~175,000 sq ft – New Lease – Confirmed - Smartworks
DLF Commercial Building, DLF City V, Gurugram
470,000 sq ft – New Lease – Confirmed - GCC – Global Banking Major
Premium Business Park, NH-48, Gurugram
~250,000 sq ft – Estimated - GCC – IT Multinational
Noida Expressway Business Hub, Noida
~200,000 sq ft – Estimated
(Estimated deals are based on market absorption data and broker inputs.)
What the First Half of 2025 Is Showing
1. Gurugram Is Back in Full Strength
The two largest deals — Nagarro (706,000 sq ft) and Google India (550,000 sq ft) — together account for more than 1.2 million sq ft in just six months in Gurugram.
Both companies are strong global players. Both have taken long-term commitments. And importantly, both selected Gurugram despite having other city options.
This clearly shows that Gurugram’s position as NCR’s top commercial hub is solid again.
2. GCCs Are Driving the Market
Around 37% of total leasing in H1 has come from Global Capability Centres (GCCs).
Nagarro’s deal is effectively a GCC expansion. Similarly, large banking and IT multinationals are actively closing or negotiating large spaces in NH-48 corridor and Noida Expressway.
If this continues in H2, 2025 could become NCR’s biggest leasing year ever.
3. Aerocity Is Becoming Premium Destination
Deloitte India’s pre-commitment at Prestige Trade Tower (even before full building delivery) is a very strong signal.
It shows that top professional firms are ready to pay premium rents to enter Aerocity early. This micro-market is moving quickly from “upcoming” to “established”.
Landlords in Aerocity will gain strong confidence from this.
4. Noida Is Slowly Heating Up
The Noida Expressway corridor is seeing steady activity. But the real boost is expected with the upcoming Noida International Airport at Jewar.
Many companies are trying to take space before airport-linked rental appreciation starts. Current leasing in Sector 62 and along Expressway looks like early positioning.
What to Watch in H2 2025
• A second large expansion by Google in Udyog Vihar is expected in Q3. If finalized, it may cross 600,000+ sq ft more.
• A large commitment by Tata Consultancy Services (TCS) on Noida Expressway is reportedly in advanced discussion stages. A 400,000 sq ft deal would significantly boost Noida’s status as a Tier 1 IT destination.
• Vacancy levels in Grade A buildings in Gurugram are reducing faster than expected. Rentals in Cyber City and Udyog Vihar are already up 8–10% this year. Full-year growth of 12–15% looks possible if demand remains strong.
• Aerocity has multiple active requirements from professional services and BFSI companies likely to close before December.
• The full impact of Jewar Airport-led demand has not yet come. Companies entering now may benefit from lower rentals compared to post-airport scenario.
Final Thoughts (As of July 2025)
The Delhi-NCR office market clearly has momentum. The second-half pipeline looks even stronger than the first half. For occupiers still evaluating options, the market is slowly turning in favor of landlords in prime Gurugram locations. Attractive rental deals may not remain available for long.
In Noida and Aerocity, opportunities are still open — but timing will be important. If the current trend continues, 2025 may be remembered as one of the strongest years ever for NCR commercial real estate.
