Delhi NCR office leasing reaches 3.05 million sq ft in Q1

Flex office providers dominated the market.

Delhi NCR recorded gross office leasing of 3.05 million sq ft in the first quarter of 2026, down 31% quarter-on-quarter, according to JLL. Flexible office operators emerged as the largest occupier group, accounting for 32.9% of leasing activity, followed by manufacturing (17.1%), consultancy (16.6%) and IT and ITeS firms (15.4%).

JLL said net absorption declined 39% quarter-on-quarter to 1.47 million sq ft, with Noida and Gurgaon contributing 96% of total absorption. The Noida-Greater Noida Expressway, Golf Course Road and NH-8 corridors accounted for the bulk of office take-up during the quarter.

New office completions totalled 1.39 million sq ft, down 51% year-on-year, with Noida contributing 61% of new supply. Gurgaon and SBD Delhi accounted for 22% and 17%, respectively, taking Delhi NCR's Grade A office stock to 165.8 million sq ft.

Grade A office rents rose 1.2% quarter-on-quarter and 7.9% year-on-year, supported by healthy pre-commitments that encouraged developers to increase rents for upcoming projects, JLL said.

Looking ahead, JLL expects leasing momentum to remain steady through 2026, supported by quality supply from established developers and institutional investors. Net absorption is forecast to reach 6.5 million to 7.0 million sq ft by year-end, while demand from co-working operators, technology firms and financial institutions is expected to underpin further rental growth.