Delhi-NCR: Commercial Real Estate Set For Major Supply Boost, May See 5-Million-Sqft New Grade-A Space

According to a joint report by CBRE and CII, Delhi-NCR is set to receive nearly 5 million sq ft of fresh Grade-A office space in the next two years, marking the kind of expansion the industry has been anticipating for a long time.

Published By News 18

Delhi-NCR commercial real estate is entering an intense revival phase after almost 10 years of slow, muted office activity. A recent joint report by CBRE and CII shows that the region is set to receive nearly 5 million sq ft of new Grade-A office space in the next two years. This marks a significant shift for the Delhi office market, which has been waiting for new modern spaces that match global workplace standards. For the first time in years, Delhi is ready to retake a central position in the broader NCR commercial property growth story.

One of the biggest reasons for this revival is the rapid improvement in infrastructure across the region. The opening of the Dwarka Expressway, steady progress on the Delhi-Mumbai Expressway, ongoing work on the Noida International Airport, and smoother connectivity through new peripheral roads and metro routes are changing how companies look at Delhi-NCR. Earlier, the region was divided into clusters, but today it is becoming a connected, unified commercial belt. Travel between Delhi, Gurugram, Faridabad, and Noida is becoming more straightforward and more predictable, allowing companies to plan their office expansion with a broader view of the entire region, not just a single city.

Another strong indicator of growth is the rise in office leasing. A report by Cushman and Wakefield revealed that Delhi-NCR saw a 2.5 times increase in net leasing of office spaces during the July to September quarter. Net leasing surged to 3.79 million sq ft, up from 1.52 million sq ft during the same period last year. With this rise, Delhi-NCR contributed nearly 23% of total net office leasing across India's top eight cities. This shows a clear return of corporate confidence and a growing appetite for premium workplaces.

Return-to-office has also stabilised across sectors like BFSI, consulting, tech, and especially GCCs. Companies are now demanding workspaces that are efficient, comfortable, and focused on employee well-being. They are no longer restricting themselves to old central business districts. Instead, they are exploring new, better-connected micro-markets that offer modern layouts, sustainability features, and the ability to scale as their teams grow. This shift is creating unprecedented demand for Grade-A office space in NCR.

Among emerging locations, Faridabad is becoming an attractive commercial destination. The city has seen rapid growth in retail, office, and mixed-use developments. With rising demand for Grade-A office environments, Faridabad offers companies the benefit of modern spaces at lower costs, while staying close to established hubs like Gurugram and Noida. Its improving metro and road connectivity is also helping businesses consider it as a strong alternative to traditional markets.

Gurugram, which has long been the centre of NCR's commercial market, continues to draw companies, especially along the Golf Course Extension Road. According to Sonakshi Wadhawan, CBO (Office Transactions) at RISE Infraventures, this stretch is emerging as one of the strongest pull zones for Grade-A office demand. She noted that companies now prioritize sustainability features, strong connectivity, and efficient work layouts. The corridor's infrastructure development, wide roads, planned layouts, and steady growth of premium commercial towers are shaping it into a well-planned business district.

What is happening across the NCR office market is not just a rise in supply. It is a shift in the quality and planning of commercial spaces. Developers are focusing on energy-efficient buildings, more brilliant floor designs, and tech-enabled workplaces. With businesses now more focused on productivity and employee comfort, the demand for modern Grade-A office space in NCR is expected to rise even further.

Looking ahead, the outlook for the Delhi-NCR commercial real estate market is strong and forward-looking. The long-time dependence on Gurugram alone is starting to ease as Delhi and Faridabad rise again on corporate preference lists. Supported by new infrastructure, renewed developer activity, and growing leasing momentum, the region is emerging as a unified, well-connected commercial powerhouse.

The coming years will bring more modern offices, better-planned business districts, and a wider distribution of corporate hubs. With nearly 5 million sq ft of new Grade-A office supply on the way, Delhi-NCR is setting the stage for one of the most significant commercial growth phases the region has seen in a decade.