Delhi-NCR Commercial Real Estate Market Overview – Q3 2026

Delhi-NCR's office market is shaped by the concentration of established business districts, varying occupancy levels, large-scale corporate leasing and expanding metro connectivity. These factors influence how businesses evaluate office locations and how commercial development is distributed across the region.

Market Overview

Delhi-NCR recorded 153.49 million sq. ft. of office stock in Q3 2026, with a vacancy rate of 17%. Gross absorption reached 3.5 million sq. ft., while new supply stood at 0.85 million sq. ft. Flexible workspaces accounted for 31% of sectoral leasing activity, reflecting demand for adaptable office formats.

Micro-Market Performance

Gurugram Others recorded the highest office stock at 49.83 million sq. ft., followed by Noida at 44.02 million sq. ft. and NH8-Prime at 22.17 million sq. ft. Cyber City and Golf Course Road reported vacancy rates of just 2.1% and 4.5%, highlighting differences in occupancy across key business districts.

Leasing and Infrastructure

Q3 2026 witnessed significant leasing transactions across Noida, Gurugram and Aerocity. Smartworks and Genpact each leased 4 lakh sq. ft., while Deloitte secured 2.56 lakh sq. ft. at Prestige Trade Center. Ongoing Delhi Metro Phase IV expansions and major office developments further strengthen connectivity and commercial growth prospects across the region.