India’s commercial real estate market is entering a new phase of growth, with demand expanding beyond traditional office centres into emerging business corridors. Office absorption reached a record 45.5 million sq ft in the first half of 2026, including 24.6 million sq ft in the second quarter, according to CBRE. New supply stood at 32 million sq ft during the period.

Global Capability Centres (GCCs) remain a key demand driver, accounting for 46 per cent of Grade A office leasing in H1 2026, with 16.6 million sq ft leased, according to Colliers.

Harinder Singh Hora, Founder Chairman, Reach Group, said investments in road connectivity, Metro expansion and regional infrastructure were strengthening Gurugram’s integration with Delhi and the wider NCR. He added that the expansion of multinational companies and the development of new corridors were creating fresh commercial catchments.

The expansion is also reaching Noida, Greater Noida and the Yamuna Expressway, where technology infrastructure and new investments are supporting the development of commercial and business districts.

Abhishek Trehan, Executive Director, Trehan IRIS, said the expansion of data centres was adding another dimension to the region’s commercial growth. He noted that investments by technology companies and data centre operators were supporting commercial, retail and residential development across the region.

Delhi NCR recorded 2.8 million sq ft of gross leasing in Q1 2026, with Gurugram accounting for 60 per cent and Noida 37 per cent, according to CBRE. Noida Expressway was the largest micro-market during the quarter, followed by Udyog Vihar and NH-8 Prime. GCC leasing in NCR stood at 0.9 million sq ft.

Retail is also contributing to commercial real estate demand. Retail leasing across India reached 3.9 million sq ft in H1 2026, an increase of 20 per cent year-on-year, according to CBRE. Delhi NCR was among the leading markets, while fashion and apparel accounted for around 40 per cent of leasing nationally.

Salil Kumar, Director, Marketing and Business Management, CRC Group, said retail demand was increasingly following employment and residential growth, making high streets and mixed-use developments important alongside established malls. He also pointed to the growing presence of direct-to-consumer (D2C) brands in physical retail.

Occupiers are also placing greater emphasis on connectivity, infrastructure and the quality of surrounding development when evaluating commercial locations.

Dr Amish Bhutani, Managing Director, Group 108, said emerging NCR corridors could attract more businesses as connectivity and infrastructure improve and quality commercial space becomes available.

Investment activity is providing another indicator of market momentum. Institutional real estate investment reached USD 4.5 billion in H1 2026, a 50 per cent increase year-on-year, with office assets accounting for more than 40 per cent of inflows, according to Colliers.

Karan Malik, Regional Director, Realistic Realtors, said the expansion of data centres was creating longer-term development opportunities across NCR. He identified Noida, Greater Noida and the Yamuna Expressway as part of a wider regional strategy supported by digital infrastructure and larger land parcels.

The convergence of employment, connectivity, retail consumption, digital infrastructure and institutional capital is expanding the geography of India’s commercial real estate market, with emerging corridors increasingly becoming part of the development pipeline.