Delhi NCR's office market strengthened in Q2 2026, with gross leasing up 16% quarter-on-quarter to 3.55 million sq ft and net absorption rising 39%, according to JLL, with Gurugram accounting for over half of demand.
Delhi NCR's office leasing climbed 16% quarter-on-quarter to 3.55 million sq. ft. in Q2 2026, according to JLL data, with net absorption jumping even faster, up 39% from the previous quarter to 2.04 million sq. ft. That gap between leasing growth and absorption growth is worth noting on its own, it suggests tenants aren't just signing more deals, they're actually moving into and occupying space faster too, a healthier signal than leasing volume alone would show.
Flexible workspace operators led the quarter by a wide margin, taking 41% of all leasing, followed by consulting firms at 18% and IT/ITeS companies at 13%. Together, these three segments accounted for 72% of everything leased in Q2. That flex-space dominance is a notable shift worth watching, it suggests occupiers are still prioritising flexibility over long-term commitments even as overall demand strengthens, a pattern that could shift again once economic conditions feel more settled.
Gurugram accounted for 56% of net absorption this quarter, with Noida contributing 30%. Combined, four corridors, NH-8, Noida Expressway, Golf Course Extension and SBD Delhi, made up 71% of total net absorption across the region. That concentration lines up closely with everything we've tracked this year around Golf Course Extension Road specifically, DLF, Sobha, M3M and Oberoi all building at scale there, and it's a useful confirmation that the office demand fuelling that corridor's residential boom is genuinely showing up in the leasing numbers, not just anecdotally.
Delhi NCR added 1.35 million sq. ft. of new office space this quarter, and Gurugram dominated completions with an 88% share, Noida took the remaining 12%. Total Grade A office stock across the region now stands at 167.2 million sq. ft., building on the 100 million sq. ft. milestone Gurugram itself crossed earlier this year. JLL expects the supply pipeline to stay substantial too, 44.2 million sq. ft. of new Grade A space is scheduled for completion between the second half of 2026 and 2030, driven by major developers across Gurugram, Noida and Aerocity.
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Grade A rents across Delhi NCR reached ₹94.6 per sq. ft. in Q2, up 0.9% quarter-on-quarter and a meaningful 7.7% year-on-year. JLL attributed this to healthy demand chasing a genuinely limited supply of Grade A assets in prime locations, letting developers command a real premium. Looking ahead, the consultancy forecasts 3.8 million to 4.3 million sq. ft. of leasing in premium office assets through the second half of 2026, expecting demand to keep diversifying across co-working operators, IT/ITeS firms, consulting companies, manufacturers and financial institutions.
An office market compounding this consistently across Gurugram and Noida is exactly the kind of underlying signal that our experts at Hommea watches closely. Since sustained office absorption tends to translate into residential demand nearby over a longer horizon, not immediately, but reliably. Rents climbing 7.7% year-on-year despite fresh supply landing suggests genuine tenant confidence rather than a temporary spike, worth keeping in mind when evaluating residential projects along the same NH-8, Golf Course Extension and Noida Expressway corridors this data points to.
