Office Space Leasing Activity in Delhi-NCR: A Comprehensive Overview for 2024

Delhi

Central Business District (CBD) and Secondary Business District (SBD) areas in Delhi maintained their appeal for specific sectors, particularly consulting, media, and professional services firms.

Major Location: Connaught Place, Aerocity, Saket, Jasola, Okhla, Nehru Place, Bhikaji Cama Place, Nauroji Nagar, Rajendra Place, Dwarka, Pusa Road, Janakpuri, Moti Nagar, Shashtri park, Netaji Subhash Place

Strategic locational advantage:

• • Capital city with access to major govt ministries

• • Strong connectivity via metro and road network

• • Well developed social infra along with huge talent pool

Cons:

• • Acute shortage of grade A commercial office space

Key office space transactions through 2024:

• • The executive centre, Approx 50000 sq ft at aero city

• • Deloitte, approx. 175,000 sq ft at aerocity

• • Wework, approx 140,000 sq ft at Aerocity

• • Hero Future energies, approx. 40,000 sq ft in Aerocity

 

Gurugram

Gurugram remained a dominant force in the NCR office market, particularly along the Golf Course Road and Cyber City areas. The region maintained its position as a preferred destination for technology companies and global capability centres (GCCs).

Major Office Space Locations: Cybercity, Udyog Vihar, MG road, golf course road, golf course ext road, Sohna road, sector 44, sector 32.

Strategic locational advantage:

• • Premium Grade A office spaces

• • Strong connectivity via rapid metro

• • Well-developed social infrastructure

• • Presence of major multinational corporations

Cons:

• • Traffic is always in a catchup mode with cities extra ordinary growth

• • City centre as well as somewhat distant residential real estate seem too expensive and out of reach for common man

Key office space transactions through 2024:

• • Louis Dreyfus, approx. 60000 sq ft at HQ 27

• • BDO, approx. 50000 sq ft at magnum global park

• • Perfetti, approx. 40000 sq ft at AIPL masterpiece

• • Konard, approx. 35000 sq ft at Horizon center

• • NCR corporation, approx. 100000 sq ft at magnum global park

• • Ciena, approx. 130000 sq ft at TRIL Centre

• • Wework, approx. 115000 sq ft at cybercity

• • JSA, approx. 40000 sq ft at GCR

• • Nvidia, approx. 70000 sq ft HQ 27

• • Mckinsey, approx. 60000 sq ft cybercity

• • DP world, approx. 50000 sq ft at Horizon center

• • Dunnnhumby, approx. 90000 sq ft TRIL Center

 

Noida

Noida’s office market, especially in sectors along the Noida-Greater Noida Expressway, witnessed significant activity. The region’s competitive rental rates and improving infrastructure continued to attract occupiers looking for cost-effective solutions.

Major Office Space locations: Sector 62-63, Noida expressway, Film city, sector 16

Strategic locational Advantages:

• • Still competitive rental rates compared to Gurugram and Delhi

• • Grade A commercial assets with large floor plates available

• • Upcoming infrastructure improvements

• • Growing IT/ITeS sector presence

Cons:

• • Law and order

• • Last mile connectivity

Key office space transactions through 2024:

• • Clarivate, approx. 170000 sq ft at Embassy oxygen

• • India accelerator Ofis, approx. 400000 sq ft at Corenthum

• • TCS, approx. 400000 sq ft Assotech Business Cresterra

• • Smart energy water, approx. 90000 sq ft at NSL Techzone

• • Appsquadz, approx. 60000 sq ft at Alphathum magnificio

Average rental range and supply:

Rental rates in prime markets like Cyber City in Gurgaon and Connaught Place in Delhi remain high, driven by strong demand for Grade A office space. However, there are emerging pockets of opportunity in sub-markets where landlords are offering competitive rents to attract tenants.

As supply continues to grow in emerging areas like Noida Expressway and Greater Noida, tenants have more options to choose from. On the other hand, as demand for high-quality office spaces picks up, developers are racing to complete new buildings and office towers in sought-after locations.