India's Office Momentum Builds APAC Edge, Delhi-NCR in Spotlight

Industry experts note that the projected growth is driven by structural factors rather than short-term optimism. The pipeline of global capability centres continues to expand, with multinational firms scaling their India operations beyond support functions into core business roles. At the same time, office demand is broad-based, extending beyond technology to sectors such as BFSI, consulting and manufacturing back offices. Institutional investors, too, have maintained their exposure to Grade A assets, reflecting confidence in long-term returns. Importantly, India's rentals remain relatively competitive compared with several APAC hubs, reinforcing its appeal as a cost-efficient yet scalable corporate destination.

Moreover, among India's leading office markets, Delhi-NCR is increasingly being seen as a significant contributor to this projected upswing. As per Cushman and Wakefield, Delhi-NCR recorded an all-time high office space leasing in 2025 of 15.8 million sq ft, a growth of 24% from last year. With the opening of Noida airport expected in the next few months, the city contributed a significant share in this growth, registering a 73% rise in annual leasing during 2025. The IT-BPM sector led the annual demand with a 37% share, followed by professional services firms (15%) and engineering & manufacturing firms (14%). During Q4 2025, Delhi NCR recorded a 2-5% QoQ increase in overall rentals. On a YoY basis, rents rose by 6-8% across the region, with Gurugram CBD outperforming at 12-15% growth over the same period.

Viren Mehta, Founder & Director, ElitePro Infra, "What stands out in NCR is the balance in demand drivers. While GCCs remain dominant, we're also seeing BFSI, consulting and domestic corporates expanding footprints. That diversification makes the market more resilient. However, the sustainability of growth will depend on supply discipline. If rental appreciation accelerates too sharply, mid-sized occupiers could begin exploring peripheral markets. The next few months will be about maintaining equilibrium, ensuring that new supply aligns with genuine absorption rather than speculative development."

Therefore, much of India's projected leadership in 2026 will hinge on how effectively markets manage supply alongside sustained expansion from global capability centres. For Delhi-NCR, the opportunity is evident, but so is the responsibility to maintain discipline in new launches and ensure that fresh inventory aligns with genuine occupier demand.