Cushman & Wakefield has launched “Noida-Runway for Growth”, a detailed market study capturing Noida’s rapid transformation into a premier economic and real estate destination. The report highlights the multi-faceted growth story of a city contributing nearly 10% to Uttar Pradesh's Gross State Domestic Product (GSDP). It establishes Noida as a critical engine for economic development, driven by strategic infrastructure projects, strong policy initiatives, and a competitive STEM talent pool.
A pivotal catalyst for this growth is the upcoming Noida International Airport (NIA) alongside several other major infrastructure upgrades. With Phase 1 nearly 95% complete and expected to commence operations by December 2025, NIA is poised to significantly enhance global connectivity and transform the economic and real estate trajectory of the city.
Commercial Office: Strong Supply Pipeline & Rapid Grade A+ Expansion
Noida’s commercial office real estate sector has shown remarkable resilience and growth. Total office stock in the city stands at 43.4 MSF, including 26.6 MSF of Grade A+ assets as of Q3 2025. Over the past five years, Noida has also witnessed a significant 40% increase in investment-grade office assets, attracting multinational corporations and strengthening its dynamic business ecosystem. This expansion of high-quality office space reflects strong investor confidence and sustained demand from occupiers.
Leasing activity reinforces this momentum. The city recorded 3.3 MSF of gross leasing between January and September 2025, projected to reach 4.7 MSF by year-end. Global Capability Centres (GCC) continue to be an important occupier segment, contributing ~1 MSF in the first nine months and expected to close at 1.28 MSF by December 2025.
In addition, the report highlights that the Uttar Pradesh government has introduced targeted policy support for IT, digital services and high-value operations, offering fiscal incentives, streamlined approvals and infrastructure support that collectively strengthen Noida’s attractiveness for new GCC establishments. Combined with Noida’s deep STEM talent base, this policy push is reinforcing the city’s position as an attractive destination for GCCs.
Looking ahead, the forecasted office supply over the next three years shows a clear shift in development strategy. While 2026 will see over 2.5 MSF of strata-led office completions, the trend reverses sharply by 2028, when institutional/developer-owned Grade A+ projects rise to nearly 2.9 MSF, far outpacing strata formats which fall to around 0.28 MSF. This transition points to a decisive move away from fragmented strata offices toward larger, investment-grade assets managed by professional developers and institutions.
In terms of rentals, Noida’s office market showcases broad-based growth driven by sustained demand, major infrastructure upgrades, and the city’s emergence as an attractive corporate destination within Delhi-NCR.
Retail: An Underpenetrated Market with Rising Demand
The retail sector in Noida has expanded steadily over two decades and now totals 8.1 MSF of mall inventory. However, with only 30% of this stock classified as Grade A+, the market remains significantly underpenetrated, creating substantial headroom for high-quality retail development.
Leasing trends reflect this demand, with annual leasing volumes rising from under 200,000 sq ft in 2020 to nearly 372,000 sq ft by September 2025. In the first nine months of 2025 alone, Noida recorded 0.37 MSF of leasing activity, including 0.16 MSF transacted in malls and 0.21 MSF across high streets, reflecting healthy occupier activity across formats.
Fashion and F&B continue to lead demand, driven by shifting consumption patterns, a growing young workforce, and the city’s expanding affluent population.
Residential: Rising Launches and Value Appreciation
Noida’s housing market is on a sustained upswing with launch volumes in 2024 and 2025 outpacing even the peaks of pre-covid 2019. The mid-segment remains the primary driver of expansion while luxury and high-end/premium launches have seen momentum since 2023, reflecting growing affluence, infrastructure led demand and a changing homebuyer profile.
Between January and September 2025, Noida witnessed the launch of over 10,000 housing units, led by the mid-segment (8,621 units) and followed by high-end and luxury units (1,465).
Home values, meanwhile, have appreciated more than 80% over the last six to seven years, underpinned by better connectivity, planned urban infrastructure and growing employment opportunities.
Logistics & Industrial: A High-Growth Manufacturing & Warehousing Hub
Noida has evolved from a planned industrial township into a diversified industrial and commercial hub underpinned by strong infrastructure, strategic location and consistent policy support. According to the report, the city’s industrial ecosystem is anchored by advanced manufacturing, electronics, IT/ITes, alongside vibrant MSMEs.
A multi-modal logistics hub (MMLH) at Dadri, and dedicated industrial and warehousing clusters across the Noida–Greater Noida–Jewar belt will significantly improve connectivity, reduce logistics costs, and solidify the region’s role as a next-generation industrial gateway for India.
Policy support by the state government continues to reinforce Noida’s competitive position in the northern India industrial ecosystem.
Data Centre: North India’s Largest & Fastest-Growing Hub
Noida has emerged as a dominant data centre hub in North India, accounting for nearly 90% of operational colocation capacity in Delhi-NCR. As of H1 2025, the operational colocation capacity for the city stands at 130 MW, up from just 35 MW in 2020, a 3.7x surge.
The growth pipeline remains strong, with an additional 19 MW currently under construction and a planned capacity of 195 MW. The expansion is supported by the Uttar Pradesh Data Centre Policy (2021), which offers capital subsidies, land incentives and classification of data centres as essential services.
Commenting on the report, Supriya Chatterjee, Managing Director, North, Cushman & Wakefield, said,
“Noida’s growth today is both broad-based and structural. Our analysis shows a city evolving across every major front — strengthening its office corridor, upgrading its retail landscape, accelerating residential momentum, and emerging as North India’s most competitive industrial and data centre hub. The office market, in particular, continues to demonstrate strong depth, with 2025 leasing volumes reflecting healthy demand from corporates and GCCs alike. Noida’s expanding Grade A+ stock and its shift toward institutional, investment-grade developments underscore its growing maturity as a business destination. Infrastructure upgrades, especially the Noida International Airport and enhanced metro and expressway connectivity, combined with strong policy support and a deep STEM talent base, are creating a powerful foundation for long-term expansion. Taken together, these drivers position Noida for a new phase of scale and maturity across asset classes.”
Strategically located at the gateway to Uttar Pradesh, benefiting from strong policy reforms and led by one of the largest infrastructure expansions in NCR, including expressways, metro connectivity and the soon-to-be-operational NIA, Noida is steadily advancing its role as a key growth centre in NCR. The trends across commercial, residential, retail, logistics and data centres point to a maturing, investment-ready market set to reshape NCR’s urban and economic landscape.Download the full report here.
