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

17 Mar 2025 CW Team

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.

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