Delhi-NCR Office Space Leasing Booms Amid Demand for Premium Workspaces

The Delhi-NCR property market has seen a remarkable increase in office space leasing in the third quarter, driven primarily by a surge in demand for premium workspaces from corporations, according to a report by Cushman & Wakefield. Net leasing surged to 3.79 million square feet, compared to 1.52 million square feet in the same period last year.

Net absorption serves as a key indicator of real estate demand, reflecting the net change in occupied office space. Delhi-NCR contributed a substantial 23% of the total net leasing across the top eight cities. Overall, net leasing of office space climbed 35% across these major cities, reaching 16.25 million square feet, up from 12.08 million square feet a year ago. With a reported 44.3 million square feet of net absorption in the first nine months, the market is on track to surpass the previous year's record.

Anshul Jain, Cushman & Wakefield's Chief Executive for India, SEA & APAC Office and Retail, highlighted that India's office sector remains robust, currently in an expansionary phase with over 80% of Q3 leasing being fresh take-up. This indicates occupiers are expanding their footprint, rather than just renewing leases. The current evolution toward Grade-A+ assets showcases a shift to premium, future-ready workspaces, driven by diverse factors including the rise of GCCs and the growth of startups.

(With inputs from agencies.)