NCR Office Space Market Sees 29% Growth in Deal Size
The NCR Office Space Market continues to witness strong momentum, with the average deal size increasing by 29% year-on-year. According to Knight Frank, the average transaction size rose from 30,955 sq ft in 2023 to 40,025 sq ft in 2024, reflecting heightened corporate demand and expansion.
Key Trends in the NCR Office Space Market (2024)
📌 Surge in Office Leasing: NCR recorded 12.7 million sq ft of office space transactions, signaling sustained market growth.
📌 Noida’s Rapid Expansion: Noida emerged as a standout performer, registering a 48% YoY increase in leasing activity, totaling 3.92 million sq ft.
📌 Gurugram Remains a Hotspot: With 7.65 million sq ft of office leasing, Gurugram continues to dominate the NCR Office Space Market, experiencing a 24% growth compared to last year.
📌 India-Focused Operations Drive Demand: Domestic business operations accounted for 5.5 million sq ft, representing 44% of total office transactions, underscoring the growing role of the domestic market.
📌 Flexible Workspaces on the Rise: The demand for flex office spaces surged 2.4 times year-on-year, with transactions reaching 3.8 million sq ft, contributing 29% of the total leasing activity in the NCR Office Space Market.
Rental Trends & Most Expensive Markets
📌 Gurugram Zone A Leads in Growth: The area recorded the highest rental appreciation at 9% YoY, with office rents ranging between ₹115-185 per sq ft per month, reflecting the sector’s strength.
📌 CBD Delhi: The Most Expensive: Delhi’s Central Business District (CBD) retained its position as the priciest commercial market in NCR, with office rents fluctuating between ₹218-360 per sq ft per month.
Conclusion
The NCR Office Space Market is experiencing strong demand, driven by corporate expansion, increasing flexible workspace adoption, and the dominance of domestic business operations. With Noida and Gurugram leading the charge, the market remains a key commercial real estate hotspot in India.
Read more:Union Budget 2025 Real Estate: Key Announcements & Impact
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