Delhi NCR Leads India’s Office Space Leasing in Q1 2025 - Noida Expressway emerges as the commercial hotspot

India’s office leasing market roared off with strong momentum in 2025. According to Colliers' latest India Office Snapshot of Q1 2025, leasing across the top seven cities touched 15.9 million sq ft in Q1 — a 15% year-on-year growth. Among the frontrunners, Delhi NCR delivered its strongest performance of 10 quarters, with Noida–Greater Noida Expressway standing out as one of the most active and future-ready commercial hubs in the region.

Delhi NCR Records Highest Leasing in 10 Quarters

Diving deeper into the Collier report, Delhi NCR saw 3.3 million sq ft of gross office leasing in Q1 2025, along with 2.7 million sq ft of new supply — a staggering 5x increase from Q1 2024. Vacancy dropped by 180 basis points to 18%, and weighted average quoted rentals rose by 8.9% YoY, driven by high-demand corridors like Noida-Expressway and Golf Course Extension.

BFSI players dominated leasing, accounting for 41% of the region’s Grade A office absorption. Notable deals included large-scale occupier commitments in Noida, Aerocity, and parts of Gurugram — showcasing continued demand from global firms in search of quality infrastructure and strategic location advantages.

Spotlight on Noida–Greater Noida Expressway: Delhi NCR’s Fastest Growing Commercial Belt

One of the most promising regions in the NCR office landscape today is the Noida–Greater Noida Expressway corridor. Widely recognized as the most planned IT hub in the entire region, this stretch offers seamless infrastructure, metro and highway connectivity, and proximity to the upcoming Noida International Airport — making it a hotspot for occupiers, developers, and investors alike.

Data indicates that average rentals remain attractive (₹86.9/sq ft/month), especially when compared to legacy hubs like Cyber City or Golf Course Road in Gurugram. This enhances the region’s attractiveness to long-term leasing opportunities by top corporate giants. At the same time, new developments along the Expressway are matching or even surpassing those benchmarks in terms of Grade A build quality, amenities, and smart office planning.

Best Performing Commercial Projects of April 2025 Which Are Redefining Noida’s Business District

Noida's commercial skyline is being reshaped by a series of iconic new commercial developments that are drawing both global occupiers and investors:

• GYGY Fiveo offers premium high-end retail and a stunning low rise complex in the heart of Noida. Its location and design are ideal for retail investors looking for long-term safety in their portfolio. Surrounded by 3 Lakh+ families, this place is redefining the region.
• GYGY Mentis, located close to Sector 142 metro station, blends double-height retail with world-class office spaces. With flexible payment plans and podium-level footfall, it’s poised to become a magnet for startups and multinational firms.
• One FNG by Group 108, strategically placed at the Faridabad-Noida-Ghaziabad (FNG) highway, is being designed as a next-gen commercial tower with large flexible floor plates and elevated amenities—perfect for tech-driven enterprises, data centres and more.
• CRC The Flagship, another marquee project on the Expressway, combines futuristic architecture with institutional-grade facilities, and is already gaining traction among top brands for pre-lease agreements. Planned as the best experience centre in the region.
• M3M The Line: Another flagship project of the M3M Group in the heart of Noida is revered as a place that will solve every commercial need under one roof. Focusing a luxury experience, they are introducing triple-height showrooms in the front, 5-star hotel at the top and planned zones and commercial spaces in five floors. This project is sure to become talk of the town.

These projects collectively reinforce Noida’s position as the go-to destination for Grade A office spaces and commercial activity in NCR, offering the right mix of affordability, accessibility, and aspiration.

Flex Spaces Fueling Hybrid Growth

Another key development that emerged according to collier is, Flex Space. Flex space leasing accounted for 18% of NCR’s office absorption in Q1 2025, indicating a growing shift toward hybrid, agile workplaces. In Noida, coworking operators are actively expanding in Sectors 62, 125, and 142 — leveraging plug-and-play setups that offer flexibility for both startups and enterprises.

With scalable office solutions, ample parking, and access to residential hubs, Noida remains the top choice for businesses seeking future-proof office infrastructure.

What’s Next for Noida’s Commercial Real Estate?

As demand surges and new supply enters the market, rental appreciation in Noida is likely to continue. Investors and REITs are showing increasing interest in the corridor, particularly around key commercial projects with long-term lease potential and occupier demand. The upcoming Noida International Airport, along with rapid metro expansion, further boosts the region’s prospects.

Q1 2025 has clearly signaled a bullish turn for India’s office space market. As the stock market riddles investors on uncertain futures, Delhi NCR, led by Noida Expressway, is setting the pace. 

With a pipeline of smart commercial projects, robust demand from BFSI and tech firms, and rentals still offering upside, Noida is no longer just an alternative—it’s the future of office space in NCR.