Gurugram is the prime office destination with 60% market share in NCR followed by Noida and Delhi. Despite global headwinds, including policy tightening and trade restrictions in the US, office leasing activities in India have remained buoyant in H1 FY2026. However, ICRA will closely monitor the situation, as macroeconomic and geopolitical factors evolve.

• Delhi NCR recorded 7.4 million square feet (msf) of fresh Grade-A office supply in FY2025 and 7.3 msf in H1 FY2026, against net absorption of 11.4 msf and 8.0 msf. The absorption is driven by healthy demand from the consulting and IT-BPM^ sectors. As net absorption outpaced supply since FY2023, occupancy increased by 600 bps to 78.6% by September 2025 from 72.6% in March 2023. Despite an expected supply of ~14 msf in FY2026 and ~11 msf in FY2027, occupancy levels are projected to rise to 78.5-79.0% by March 2026 and 80.5-81.0% by March 2027, backed by continued healthy leasing momentum.
• As on September 30, 2025,Delhi NCR accounted for 20% (~204 msf)of the Grade-A office space across India’s top six cities*. Gurugram is the prime office destination with 60% market share in NCR. Sector 24 (Cyber City), Sector 62 (Noida) and Sector 48 (Gurugram) are the top three micro-markets in Delhi NCR, accounting for 17% of the total office supply of the city. Vacancy is set to remain low in Sector 24 (Cyber City) with no new supply. Sector 62 (Noida) and Sector 48 (Gurugram) are projected to see a reduction in vacancy levels, driven by steady absorption and limited supply.