+
NCR’s Office Market Records 61% Growth in Net Absorption in 2024
Real Estate

NCR’s Office Market Records 61% Growth in Net Absorption in 2024

The National Capital Region (NCR) witnessed a 61 per cent Y-o-Y rise in net office absorption, reaching 9.5 million sq. ft. in 2024, and the highest among India’s top seven cities, according to ANAROCK. The growth was driven by demand from Global Capability Centers (GCCs) and the technology sector.
The co-working sector accounted for 34 per cent of total office transactions, up by 6% from 2023, while IT-ITeS occupiers saw a decline of 3 per cent to 29 per cent. New office completions fell by 22 per cent to 5.9 million sq. ft., contributing to a 2.6 per cent drop in vacancy rates to 22.6 per cent.
Average rentals in NCR rose by 5 per cent Y-o-Y to Rs 86/sq. ft./month, with Noida registering the highest rental growth at 6 per cent while remaining the most affordable submarket.
India’s top seven cities collectively recorded nearly 50 million sq. ft. of net office absorption in 2024, a 29 per cent rise from 2023. The Indian office market is expected to continue its growth in 2025, supported by a global economic recovery and rising demand for office spaces.

The National Capital Region (NCR) witnessed a 61 per cent Y-o-Y rise in net office absorption, reaching 9.5 million sq. ft. in 2024, and the highest among India’s top seven cities, according to ANAROCK. The growth was driven by demand from Global Capability Centers (GCCs) and the technology sector.The co-working sector accounted for 34 per cent of total office transactions, up by 6% from 2023, while IT-ITeS occupiers saw a decline of 3 per cent to 29 per cent. New office completions fell by 22 per cent to 5.9 million sq. ft., contributing to a 2.6 per cent drop in vacancy rates to 22.6 per cent.Average rentals in NCR rose by 5 per cent Y-o-Y to Rs 86/sq. ft./month, with Noida registering the highest rental growth at 6 per cent while remaining the most affordable submarket.India’s top seven cities collectively recorded nearly 50 million sq. ft. of net office absorption in 2024, a 29 per cent rise from 2023. The Indian office market is expected to continue its growth in 2025, supported by a global economic recovery and rising demand for office spaces.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code