Delhi NCR MarketBeat Reports
Suvishesh Valsan • 03/07/2025
Cushman & Wakefield Delhi NCR MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
CURRENT MARKETBEATS
Delhi NCR Office Report
Delhi NCR office market saw gross leasing volume (GLV) of 4.6 MSF in Q2-25, a 68% q-o-q growth while net absorption stood at 1.4 MSF. IT–BPM led with 30% share, followed by professional services firms (21%) and engineering and manufacturing (13%). Gurugram comprised 70% of Q2 leasing, followed by Noida (25%) and Delhi (5%). 65% of Q2 deals comprised of fresh space take-up. Delhi NCR witnessed ~ 2.7 MSF of supply addition with reduced vacancies compared to Q1-25. Rentals increased by 2-4% q-o-q.
Delhi NCR Retail Report
Delhi NCR saw retail leasing volumes of 0.41 MSF in Q1-25, a 1.5X growth q-o-q. Gurugram dominated with 52% share, followed by Noida (40%) and Delhi NCT (8%). Fashion and F&B segments led space take-up with 24% share each, followed by entertainment (18%) and department stores (11%). Headline mall vacancy declined to 12.1%, superior malls maintained very tight vacancy of ~3%. Among main streets, Galleria Market (Gurugram) witnessed 20% y-o-y rental growth while Khan Market and Connaught Place registered a jump of 7% and 14% y-o-y, respectively.
Delhi NCR Residential Report
Delhi NCR witnessed an influx of 9,156 residential units in Q2-25, a 38% growth compared to average quarterly launches of last two years. Yamuna Expressway was the most active submarket with 26% share. In segment-wise distribution, mid-segment dominated with 77% share, a 3X growth compared to quarterly average launches of last two years. Capital values grew 2-5% q-o-q for most markets in the high-end segment while rentals increased 1-4% q-o-q across all submarkets.
Delhi NCR Industrial Report
Delhi NCR witnessed warehouse leasing of 3.6 MSF. Sonipat led with 31% share, followed by Gurugram (20%) and Farukhnagar (14%). Industrial leasing stood at 0.5 MSF, recording 1.75X growth from H1-24. Greater Noida sub-market comprised 67% of industrial leasing, followed by Faridabad (20%) and Sonipat (13%). Engineering & Manufacturing led warehouse demand with 41% share. Warehouse rent in the Hassangarh and Palwal sub-markets grew 6% and 11% y-o-y respectively. Land rates in Noida Phase II and Greater Noida regions witnessing over 40% appreciation.
India Capital Market Report
Cushman & Wakefield India Capital MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
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