Delhi NCR MarketBeat Reports
Suvishesh Valsan • 06/01/2026
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 recorded gross leasing volume (GLV) of ~5.1 MSF in Q3-25, up 10% q-o-q. IT-BPM led demand with 35% share, followed by engineering & manufacturing (19%) and BFSI (9%). Gurugram dominated with 72% share, followed by Noida and Delhi submarkets with 24% and 4% shares, respectively. Net absorption reached 3.8 MSF, bringing YTD absorption to 9.0 MSF, up 105% y-o-y. Rentals rose 2-4% q-o-q.
Delhi NCR Retail Report
Delhi NCR recorded retail leasing volumes of ~1.03 MSF in Q4-25, doubling q-o-q and 4.5x y-o-y, marking the highest quarterly activity since 2019. Gurugram led with 63% share, followed by Delhi (22%) and Noida (15%). Malls accounted for 56% of leasing, supported by two new openings, while main streets contributed 44%. Fashion dominated with a 25% share, followed by department stores (22%) and F&B (13%). Annual leasing reached ~2.25 MSF, up 83% y-o-y, with main streets driving 55% of demand. Headline mall vacancy rose due to new supply additions in Q4, although superior Grade A malls continued to remain tight at ~3%. Rentals across prime main streets such as Galleria Market and Khan Market posted strong annual growth, underscoring robust demand for quality retail spaces.
Delhi NCR Residential Report
Delhi NCR recorded 14,248 residential unit launches in Q4-25, up 39% q-o-q and 2.5x y-o-y. Gurugram led with 50% share, followed by Noida (29%) and Ghaziabad (16%). Dwarka Expressway and New Gurgaon continued to attract strong demand, supported by excellent connectivity and infrastructure upgrades. The mid-segment dominated with 51% share, followed by high-end (27%) and luxury (24%) projects. Gurugram remained the hub for luxury housing. Weighted average launch prices rose 3% q-o-q, while high-end submarkets posted annual capital appreciation of 4–6%. Rentals improved steadily, up 1–2% q-o-q and 3–4% y-o-y, with Gurugram’s luxury segment recording the highest growth.
Delhi NCR Industrial Report
Delhi NCR witnessed warehouse leasing of 4.8 MSF, 34% higher than H2-24. The Gurgaon sub-market led with a 47% share, followed by Farrukhnagar (27%), and Ghaziabad (19%). E-commerce firms topped warehouse space take-up with 30% share. The city saw industrial shed leasing of 0.3 MSF.
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.
CONTACT
RELATED INSIGHTS
Insights
Kolkata – Emergence of a Major Warehousing and Logistics Destination
Kolkata’s emergence as a major national warehousing and warehousing destination over the past few years highlights a significant shift in the city’s and region’s real estate sector and puts it on a firm pedestal for future growth.
06/02/2025
Insights • Investment / Capital Markets
Mumbai’s Office-SEZs get a new lease of life as leasing volume surge
Mumbai witnessed an unprecedented rise in leasing done in SEZ-designated (Special Economic Zone) buildings with 1.50 MSF of lease transactions recorded in these buildings in 2024.
06/02/2025
Research
In 2023, India remained in the global spotlight despite uncertainty and fragile business conditions witnessed across major economies as the Indian IT industry defied the trend of layoffs and withstood high-magnitude economic meltdowns.
15/02/2024