Noida Gains Ground as NCR Office Leasing Shifts Towards the City

Noida is gaining a larger share of Delhi-NCR’s commercial real estate market as companies increasingly look beyond traditional office hubs such as Gurugram. Data from Knight Frank India shows that Noida accounted for 39% of office leasing activity in the National Capital Region during the first half of 2026, up sharply from 24% during the same period last year.

The shift comes even as overall office leasing across NCR remained broadly stable. Gross office leasing stood at 7.2 million sq ft in H1 2026, a marginal 1% decline from the previous year. Office completions also fell 2% to 4 million sq ft, while total office stock in the region reached 208.1 million sq ft, up 5% year-on-year.

Noida’s stronger performance is important because Gurugram has traditionally dominated the NCR office market. Gurugram still remained the largest office micro-market, accounting for 45% of total leasing. However, its share dropped from 65% in H1 2025, showing that office demand is spreading across more locations.

Noida’s share increased partly because of new office space becoming available and expectations around infrastructure-led growth. The Noida International Airport is one of the major factors supporting this outlook, alongside the city’s existing road network and its position within the wider Delhi-NCR business ecosystem.

The rise in Noida’s share also comes at a time when office rents across the NCR are moving upwards. Average transacted rents increased 13% year-on-year to ₹106 per sq ft per month during H1 2026. Noida recorded annual rental growth of 36%, one of the strongest increases among the region’s major business districts.

The numbers also point to changing requirements from companies. The average office deal size in NCR increased 30% year-on-year to around 70,912 sq ft. This suggests that larger occupiers are showing interest in bigger, institutional-grade office properties rather than only smaller conventional spaces. Pre-leased transactions made up around 35% of total gross absorption during the period.

Flexible workspace companies were another important part of the market, accounting for 30% of NCR’s total office leasing. Global capability centres contributed 21%, while third-party IT services accounted for 15%. This mix shows that demand is coming from several types of occupiers rather than one single industry.

For Noida, the change could have wider implications for commercial development. Higher office demand can support new Grade-A projects, retail activity, hospitality, rental housing and supporting services around major employment centres. It can also increase demand for better transport links and public infrastructure.

The bigger story is that NCR’s commercial property market is becoming more distributed. Gurugram continues to lead, but Noida is closing the gap in office leasing. With infrastructure investment continuing across the region and the airport now part of the wider connectivity story, Noida’s commercial real estate market could become an increasingly important part of NCR’s next phase of growth.