Real estate consultant JLL India said that office market activity declined in the Q1 of CY2026 (January to March) in the Delhi-NCR region. As per data, the net leasing of office workspaces declined by 60 per cent to 1.5 million square ft from 3.7 million sq ft in the same quarter a year ago.
In terms of gross leasing, office spaces fell 28 per cent in Q1 to 3 million sq ft from 4.2 million sq ft in the year-ago period.
JLL India has attributed the fall to the lower supply of new spaces in the segment. It said that the fresh supply of office spaces fell 1.39 million sq ft during January-March from 2.9 million sq ft in the corresponding period of the preceding year.
JLL noted that the long-term fundamentals of Delhi-NCR's office market remain intact and leasing activities are expected to rise in the coming quarters.
Real estate company DLF has a huge office portfolio in Delhi-NCR. Bharti Realty and Max Estates are also major players in NCR office market.
Recently, Signature Global has formed a joint venture with RMZ Group to develop a commercial project in Gurugram with a total investment of around Rs 7,500 crore. Besides, Gaurs Group also has plans to develop office space in Noida.
Meanwhile, across seven major cities (Mumbai, Bengaluru, Delhi-NCR, Pune, Hyderabad, Chennai and Kolkata), the gross leasing of office space grew 10 per cent to 21.5 million sq ft in January-March from 19.5 million sq ft in the year-ago period. Net absorption or leasing of office space rose 7 per cent to 13.7 million sq ft from 12.8 million sq ft.
"Market fundamentals continue to strengthen, with pan-India vacancy dropping to a five-year low of 14.7 per cent," said Rahul Arora, Head - Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
