Despite global uncertainty, Delhi-NCR’s commercial real estate market remains strong with high office space demand, especially in Gurugram, Noida, and Faridabad. Despite global macroeconomic uncertainty, the commercial real estate market in Delhi-NCR has remained resilient, with strong office space demand and sustained investor interest. The first quarter of 2025 maintained solid momentum, underpinned by large deal closures and fresh leasing activity. According to a report by Cushman & Wakefield, the top eight Indian cities recorded a gross leasing volume (GLV) of 20.3 million sq ft (MSF) in Q1 2025, marking a 4.5% year-on-year increase, although down 15% compared to the strong leasing seen in the previous quarter. Bengaluru led with a 24% share, followed by Mumbai (21%), Pune (17%), and Delhi-NCR (14%).

Delhi-NCR: A Key Office Market Hub

Delhi-NCR has cemented its position as a prime office space hub for multinational corporations (MNCs) and Global Capability Centres (GCCs), thanks to its strategic location, world-class infrastructure, and improving business ecosystem. Leasing activity remained strong across major corridors including Gurugram, Noida, and Faridabad. Demand has been particularly robust for Grade A office spaces offering superior amenities, sustainability certifications, and modern infrastructure. The rise of hybrid work models has also shaped leasing preferences, with companies gravitating toward flexible, scalable spaces that allow for collaboration while supporting remote work. Mohit Goel, MD, Omaxe Group, said, “Delhi-NCR’s office market continues its upward trajectory, driven by infrastructure upgrades, booming services sector, and sustained demand from multinational corporations and global capability centres. While Gurugram and Noida have long dominated the narrative, cities like Faridabad are increasingly standing out as emerging commercial hotspots.” “We’re seeing a surge in interest from MNCs and domestic enterprises seeking premium office spaces that balance connectivity, affordability, and quality. Besides, the upcoming Noida International Airport is a game-changer, enhancing Faridabad’s accessibility and investor appeal.

A senior NHAI official, asking to remain anonymous, said that work on the tunnels has been completed and from next week, the traffic trial will start allowing vehicles to move from Dwarka to Gurugram. “The trial is being carried out to understand the vehicular movement, traffic density and also if there is any need to make changes on the ground. The trial will be carried out for a few days to study traffic patterns and take any measures if required,” They added that work on the 3.6km long tunnel with eight lanes has been completed as all civil, electrical and mechanical work have been done. “Work on the tunnel which will connect the main tunnel with IGI airport is still underway and it will be completed in the next seven to 10 days. While we complete this work, the trial on the Dwarka to Gurugram section will be carried out,” said a senior official of the highway project contractor.

Once the trial on this section is over, the officials said they will start trials for movement of traffic from Gurugram to Dwarka expressway and thereafter from Dwarka expressway to IGI Airport and from IGI airport to Dwarka expressway, through the main tunnel and other connecting tunnels. “The opening of traffic on package four will considerably reduce congestion at Mahipalpur as thousands of vehicles from Dwarka travel to Gurugram via Mahipalpur. Once the entire tunnel system is opened, the traffic congestion will ease considerably between Mahipalpur and Sirhaul toll plaza in Gurugram,” The tunnel system being constructed by NHAI comprises a stack interchange, which will have two levels of underpasses below the existing Delhi-Gurgaon expressway and this is being combined with an elevated corridor at the same location, the NHAI had said earlier.