Delhi NCR MarketBeat Reports
Suvishesh Valsan • 10/04/2025
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 2.8 MSF in Q1-25 while net absorption stood at 3.1 MSF.IT- –BPM led with 45% share, followed by professional services firms (21%) and engineering and manufacturing (13%). Gurugram comprised 62% of Q1 leasing, followed by Noida (35%) and Delhi (3%). Noida Expressway sub-market saw highest leasing (27%), a 1.7x growth over the average GLV of last four quarters. Delhi NCR witnessed, ~ 2.7 MSF of new supply, reducing vacancies while rentals increased 3–5% 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 7,709 residential launches in Q1-25. Gurugram dominated supply with a 75% share. In terms of segment-wise distribution, high-end and luxury segments comprised 74% share. Interestingly, Dwarka Expressway witnessed the highest share of unit launches with 90% belonging to the high-end segment. Noida extension contributed ~61% to launches in the mid segment. Capital values grew 1-3% q-o-q for most markets in the high-end segment while rentals increased 2-5% q-o-q across all micro markets.
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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