ASIA PACIFIC OUTLOOK 2025

DELHI NCR

KEY MESSAGES

Supply

Demand

Rents

Key Outlook

The Delhi -NCR office market is likely to benefit from growth in IT-BPM, GCCs and flexible space segments, all of which have demonstrated high growth in recent years and are anticipated to grow further.

Annual average supply of around 6.8 msf is expected in Delhi NCR during 2025 and 2026, primarily in Aerocity, Golf Course Extn. and NH-8 submarkets.

Owing to healthy average net absorption levels of approximately 5–7 msf between 2023 and 2024, vacancy decreased marginally. It is likely to decrease further in 2025.

Rentals are expected to witness 2% growth in 2025.

Post 2025, rental growth is likely to remain range-bound, but at stronger levels compared to 2025. Fresh demand for space is likely to help offset new supply additions. Rents are likely to appreciate marginally from INR960 per sq ft per year asat end-2024 to INR975 as at end-2025, and subsequently to INR1,000 per sq ft per year by 2026.

Over 36 msf of new supply is expected in NCR market post 2024 through 2029.

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025