Delhi-NCR has solidified its position as a prime office space hub for multinational corporations and Global Capability Centers (GCCs), driven by its strategic location, world-class infrastructure, and business-friendly ecosystem. Over the past few years, the region has witnessed a surge in office space demand, with leasing activity growing steadily, particularly in key commercial hubs like Gurugram, Noida, and Faridabad.

GCCs leased 24.9 million sq ft in 2024, almost triple the 9.1 million sq ft they leased in 2022, taking their share in overall leasing to 28% this year against 13% in 2022. Meanwhile, as per JLL, Delhi-NCR achieved 9.4 million sq ft of net absorption for the year, with Q4 alone accounting for 2.9 million sq ft. This growth was largely driven by the expansion of GCCs and MNCs seeking flexible workspaces, which together accounted for 56% of the gross leasing activity across India in 2024.

Commnting on this trend, Sandeep Chhillar, Founder and Chairman, Landmark Group, said, “Delhi-NCR’s office market is onwards a strong growth trajectory, and it comes as no surprise that Gurugram remains a key destination for driving this growth through MNCs and GCCs office expansion plans. With top-tier commercial spaces, unmatched connectivity, and thriving business districts, the city offers the necessary infrastructure that global companies need. Additionally, with infrastructure projects like the Dwarka Expressway and metro expansion, Gurugram’s appeal is all set to grow further. As businesses look for dynamic, future-ready spaces, Gurugram continues to lead the way as NCR’s ultimate corporate hub.”

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Delhi-NCR’s office space boom is driven by key micro-markets that offer world-class infrastructure and seamless connectivity. Gurugram, known as Cyber City, has Golf Course Extension Road, and emerging business corridors like SPR and Dwarka Expressway, and remains a top choice for MNCs and GCCs due to its premium office spaces and strong corporate ecosystem.

Harinder Singh Hora, Founder Chairman of Reach Group, said, “Modern office spaces are evolving beyond traditional setups, with mixed-use developments becoming a strategic choice for global firms. In Gurugram, there’s a growing demand for integrated workspaces that blend offices with retail, hospitality, and recreational facilities. Companies are leveraging data-driven workplace strategies, incorporating smart building technologies, IoT-enabled infrastructure, and energy-efficient designs to enhance operational efficiency and employee well-being. This focus on sustainable, transit-oriented developments with seamless digital connectivity is reshaping leasing trends, positioning mixed-use hubs as the future of commercial real estate in the NCR.”

Meanwhile, Noida, particularly along the Noida-Greater Noida Expressway, is witnessing a surge in demand with new office hubs offering cost-effective alternatives and modern workspaces. Faridabad is also gaining traction as an affordable business destination, supported by metro connectivity, the Delhi-Mumbai Expressway, and upcoming commercial developments. Other key infrastructure projects like the Faridabad-Noida-Ghaziabad Expressway, the upcoming Faridabad-Jewar Expressway, and the expansion of Greater Faridabad, popularly known as Neharpar Faridabad, are reshaping the real estate market in Faridabad.

Mohit Goel, MD, Omaxe Group, said, “The real estate market in Delhi-NCR is seeing significant growth, with Faridabad emerging as a location offering work-life balance in the region. The city is fast emerging as a viable destination for corporate offices, due to its constantly improving infrastructure, metro connectivity, and competitive commercial rental values. We’re seeing a steady rise in interest from IT firms, startups, and even global players who recognize its potential. As businesses seek cost-effective yet well-connected locations, we foresee Faridabad emerging as a promising hotspot for commercial investments.”

According to Anarock, Delhi-NCR is emerging as a major destination for MNCs to set up GCCs, as 50.9 lakh square feet of office space have been leased in the region during the last two calendar years. Further, the availability of Grade A office spaces, well-connected transportation networks, and cost advantages compared to Mumbai and Bangalore make NCR an attractive destination for global businesses.

Ashwani Kumar of Pyramid Infratech said, “Delhi-NCR continues to be a magnet for businesses seeking Grade A office spaces. While Gurugram has long been the frontrunner, emerging corridors like SPR and Dwarka Expressway are quickly gaining traction. These areas are attracting startups and global enterprises, drawn by premium office spaces and flexible leasing options. With strong policy support and ongoing infrastructure upgrades, Gurugram’s skyline is evolving fast, setting the stage for the next wave of corporate expansion in NCR.”

Thus, with sustained demand for Grade A office spaces, key micro-markets like Gurugram, Noida, and Faridabad continue to attract global businesses. As office space preferences evolve towards tech-enabled, flexible, and sustainable workplaces, NCR’s commercial real estate market is poised for steady growth, reinforcing its position as a thriving global business destination in the years ahead.