Delhi NCR MarketBeat Reports

Delhi NCR recorded strong office leasing of 4.1 MSF in Q2 2026, reflecting healthy occupier demand across key commercial markets. IT-BPM firms led leasing activity, followed by flexible workspace operators and professional services firms. Gurugram remained the dominant office market, while Delhi Aerocity and Noida Expressway witnessed strong traction. GCC leasing remained healthy, supported by continued expansion by multinational occupiers and robust business infrastructure. Office rentals continued to appreciate across key submarkets, highlighting sustained demand for Grade A office space in Delhi NCR.

Delhi NCR recorded retail leasing of 0.7 MSF in Q2 2026, up 13% q-o-q and more than 1.2x y-o-y, driven by mall led absorption. Gurugram and Delhi were the key contributors, followed by Noida. Malls accounted for 63% of leasing, supported by strong leasing in malls that became operational in Q4 2025, while main streets contributed the remaining share. Headline mall vacancy declined to 7.2% following strong leasing activity. Fashion remained the leading demand driver, followed by F&B and department stores, with increasing activity across prime retail corridors.

Delhi NCR recorded 8,793 residential launches in Q2 2026, led by Gurugram with a 73% share, followed by Noida and Greater Noida. Peripheral locations such as Sohna Road and Noida Extension continued to drive supply with 31% and 15% share respectively, supported by improving connectivity and affordability. Affordable and mid segment housing launches with a 31% share each, while premium segments maintained steady activity. For H1 2026, total launches reached ~18,470 units, reflecting strong momentum. Weighted average prices remained stable q-o-q, while capital values recorded notable annual growth. Rentals also improved steadily, led by prime micro markets, with Gurugram’s luxury segment witnessing the strongest gains.

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.