Delhi NCR MarketBeat Reports

Delhi NCR recorded gross leasing volumes (GLV) of ~2.1 MSF in Q4-25.IT-BPM sector led with 27% share, followed by professional services (13%) and flex operators (12%). Noida Expressway emerged as the most active corridor, contributing 26% of GLV, reflecting improved infrastructure and strong occupier preference. For 2025, GLV reached an all-time high of 15.8 MSF, up 24% y-o-y. Net absorption outpaced supply, driving vacancy down by 360 bps annually. Rentals rose 2–5% q-o-q and 6–8% y-o-y.

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 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 recorded 7.1 MSF of warehouse leasing in H2‑25, supported by strong activity in Gurgaon (32%), Sonipat (24%), and Farukhnagar (17%). 3PL players led demand with 43% share, followed by consumer durables and FMCG. Annual warehouse leasing hit an all‑time high of 13.9 MSF, driven by strong supply‑chain expansions. Industrial leasing rose sharply to 1.7 MSF, supported by Engineering & Manufacturing and automobile occupiers. Rentals and land values posted double‑digit growth across major corridors.

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.