Archive · 23 Sep 2026
India’s Commercial Real Estate Enters a New Growth Cycle
India’s commercial real estate market means buildings used by offices, shops, and other businesses.
The market had its strongest six-month period for office leasing in the first half of 2026.
Global Capability Centres were a major source of demand.
Business areas are expanding beyond traditional centres into Noida, Greater Noida, and the Yamuna Expressway.
Better roads, metro links, and digital infrastructure are helping these areas attract companies.
Data centres are also encouraging new business districts and related development.
Retail stores are growing near places where people work and live, including high streets and mixed-use locations.
Investors are putting more money into commercial property, especially offices.
Office absorption reached a record 45.5 million sq ft in H1 2026, including 24.6 million sq ft in Q2.
Global Capability Centres accounted for 46% of Grade A office leasing, taking 16.6 million sq ft.
Delhi-NCR recorded 2.8 million sq ft of gross leasing in Q1, led by Gurugram and Noida.
Retail leasing rose 20% year-on-year to 3.9 million sq ft in H1 2026, with Delhi-NCR among the leading markets.
Institutional real estate investment reached USD 4.5 billion in H1 2026, a 50% year-on-year increase.
- Who
- Office occupiers, Global Capability Centres, retailers, developers, data-centre companies, and institutional investors are driving activity.
- What
- India’s commercial real estate market is expanding, with record office leasing, rising retail demand, and increased investment.
- When
- The reported activity covers the first half and first quarter of 2026; the article is dated September 23.
- Where
- Growth is reported across India, particularly Delhi-NCR, Gurugram, Noida, Greater Noida, and the Yamuna Expressway.
- Why
- Demand is being supported by connectivity and infrastructure improvements, expanding global companies, data centres, retail growth, and institutional capital.
- Office absorption
- 45.5 million sq ft in H1 2026, the highest recorded for any half-year
- New office supply
- 32 million sq ft in H1 2026
- GCC leasing
- 16.6 million sq ft, representing 46% of Grade A office leasing in H1 2026
- Delhi-NCR Q1 leasing
- 2.8 million sq ft, with Gurugram accounting for 60% and Noida 37%
- Retail leasing
- 3.9 million sq ft in H1 2026, up 20% year-on-year
- Institutional investment
- USD 4.5 billion in H1 2026, up 50% year-on-year
- Retail mix
- Fashion and apparel represented around 40% of leasing, while D2C retailers accounted for about 28%