Delhi NCR MarketBeat Reports

Delhi NCR recorded strong office leasing of ~2.8 MSF in Q1-2026, reflecting healthy growth and sustained occupier confidence. Flexible workspace operators led demand with a 27% share, followed by engineering & manufacturing, and IT-BPM firms. Gurugram emerged as the most active market, while Noida Expressway also saw strong traction, supported by robust infrastructure and quality Grade A office supply. GCC leasing remained strong, driven by multinational expansions. Balanced demand and supply helped keep vacancy under control, while steady leasing momentum brought y-o-y vacancy compression. Office rentals recorded moderate quarterly growth and strong annual appreciation, particularly in Gurugram CBD, highlighting continued demand for premium commercial office space in Delhi NCR.

Delhi NCR recorded retail leasing of ~0.6 MSF in Q1-2026 supported with mall-led absorption and a 45% y-o-y increase. Gurugram led activity with a 54% share, followed by Delhi and Noida. Malls accounted for 64% of leasing, driven by good traction in recently added supply. Fashion emerged as the primary demand driver with a 32% share, while main street activity saw strengthening traction from F&B operators. With no new mall completion, headline mall vacancy declined to 7.9%, and rentals across key main streets recorded selective annual growth, underscoring sustained demand for quality retail destinations.

Delhi NCR recorded 9,677 residential unit launches in Q1 2026, up 26% y-o-y. Gurugram led with 73% share, driven by strong launches in Manesar (38%), Dwarka Expressway (36%), and New Gurgaon (20%). The mid-segment dominated with 61% share, followed by high-end (32%) and luxury (7%) of the total launches in the city. Weighted average launch prices stood at INR 14,400 per sq ft (down 8% q-o-q), while high-end submarkets saw 3–4% annual appreciation, led by Noida (10%) and Gurugram (7%). Rentals improved 1–2% q-o-q and 3–4% y-o-y, with Gurugram’s luxury segment posting 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.