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

Driven largely by the continued rise of GCCs, alongside sustained demand from technology, BFSI and consulting firms, the country's commercial real estate sector has demonstrated stability in both absorption and rental trends. This domestic momentum has positioned India as a frontrunner in the Asia-Pacific region, where several markets continue to witness measured corporate expansion.

India’s office market is experiencing steady expansion, with leasing activity remaining robust despite global economic uncertainty. Driven largely by the continued rise of GCCs, alongside sustained demand from technology, BFSI and consulting firms, the country’s commercial real estate sector has demonstrated stability in both absorption and rental trends. This domestic momentum has positioned India as a frontrunner in the Asia-Pacific region, where several markets continue to witness measured corporate expansion.

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.