India’s office sector is outpacing regional peers, with Delhi-NCR emerging as a central driver of growth in the Asia-Pacific (APAC) market for 2026. According to Knight Frank, Bengaluru, Mumbai and Delhi-NCR together recorded about 50 million sq ft of leasing in 2025, a 21% year-on-year rise and the highest annual absorption ever for these cities. The expansion is underpinned by structural factors: a growing pipeline of global capability centres (GCCs), broad-based demand from banking, financial services and insurance (BFSI), consulting, manufacturing back offices, and sustained institutional investment in Grade A assets. India’s rentals remain competitive compared with many APAC hubs, reinforcing its appeal as a cost-efficient, scalable corporate destination.
Delhi-NCR’s contribution is notable. Cushman & Wakefield reports that the region achieved a record 15.8 million sq ft of office leasing in 2025, up 24% from the previous year. Noida, buoyed by the upcoming international airport, posted a 73% surge in annual leasing. The IT–BPM sector accounted for 37% of demand, followed by professional services (15%) and engineering & manufacturing (14%). Rents rose 2–5% quarter-on-quarter in Q4 2025 and 6–8% year-on-year, with Gurugram’s central business district outpacing at 12–15% growth.
“Gurugram has long been an established corporate destination, supported by strong infrastructure and a mature business ecosystem. Today, occupiers are evaluating not just address value but long-term mobility, employee convenience, and the overall depth of the commercial environment. We are witnessing increased pre-commitment activity for Grade A office assets, reflecting greater planning visibility among corporates. Companies are clearly thinking three to five years ahead, aligning expansion with business growth rather than short-term market cycles. This forward-looking approach, combined with India’s cost competitiveness and talent ecosystem, is strengthening Delhi-NCR’s position within the broader APAC office landscape,” said Harinder Singh Hora, Founder Chairman, Reach Group.
“Much of the incremental demand in Gurugram is clearly coming from GCC expansion, but what’s interesting is the nature of that expansion. These are not just back-office setups anymore; many businesses now house core functions, R&D, analytics, and leadership teams. That shift requires high-quality, future-ready Grade A environments with strong ESG credentials and large, efficient floor plates. Occupiers are consolidating into better assets rather than spreading across multiple buildings. This ‘flight to quality’ is reshaping absorption trends in Gurugram and strengthening the case for premium developments in established business districts,” said Sandeep Chhillar, Founder and Chairman, Landmark Group.
“The Noida–Greater Noida Expressway belt is entering a defining phase. With the upcoming Noida International Airport and enhanced connectivity across the corridor, we’re seeing significant interest from GCCs and global enterprises seeking long-term expansion hubs rather than short-term satellite offices. What’s working in Noida’s favour is the availability of large, contiguous Grade A floor plates at competitive rentals. For global businesses, scalability and infrastructure certainty matter more than ever. The airport, in particular, changes the perception of accessibility and positions this corridor not just as an NCR micro-market, but as a strategic North India business gateway,” said Amish Bhutani, Managing Director, Group 108.
“What stands out in NCR is the balance in demand drivers. While GCCs remain dominant, we’re also seeing BFSI, consulting and domestic corporates expanding footprints. That diversification makes the market more resilient. However, the sustainability of growth will depend on supply discipline. If rental appreciation accelerates too sharply, mid-sized occupiers could begin exploring peripheral markets. The next few months will be about maintaining equilibrium, ensuring that new supply aligns with genuine absorption rather than speculative development,” said Viren Mehta, Founder & Director, ElitePro Infra.
“Gurugram’s office market has matured significantly over the last decade. Today, it operates with institutional-grade assets and global occupiers who view India as a long-term base. The projected APAC growth outlook aligns with what we are witnessing on the ground: structured expansion plans, multi-year leasing discussions and growing interest from multinational firms. What differentiates Gurugram is the ecosystem: established infrastructure, corporate clustering and talent availability. If this momentum continues, NCR could consolidate its position as one of India’s most stable and scalable office markets over the next growth cycle,” said Ashwani Kumar, Pyramid Infratech.
Therefore, India’s projected leadership in 2026 will hinge on how effectively markets manage supply alongside sustained expansion from global capability centres. For Delhi-NCR, the opportunity is evident, but so is the responsibility to maintain discipline in new launches and ensure that fresh inventory aligns with genuine occupier demand.
