NEW DELHI: The average deal size for transacted office spaces in NCR increased by 29% year-on-year with average deal size of 40,025 sq ft in 2024 from 30,955 sq ft in 2023, according to Knight Frank.
In 2024, National Capital Region (NCR) recorded 12.7 million sq ft of office leasing.
The average deal size for the commercial market across eight leading markets in the country has increased by 14% from 37,976 sq ft in 2023 to 43,387 sq ft in 2024.
Noida saw a rise of 48% year-on-year in 2024 with over 3.92 million sq ft of leasing in the year.
Gurugram remains the most preferred market with leasing of over 7.65 million sq ft; the region recorded a rise of 24% in the same period.
India facing operations transacted an area of 5.5 million sq ft in 2024, constituting a share of 44% of the overall office transactions in NCR. The prominence of India-focused operations underscores the growing domestic market’s role in driving demand.
This is followed by flex office spaces as end use, which accounted for 29% with a transacted area of 3.8 million sq ft in 2024.
Office space demand for flexible working space formats has grown by 2.4 times compared to last year.
Gurugram zone A witnessed the highest year-on-year growth of 9%, recorded at Rs 115-185 per sq ft per month. CBD Delhi emerged as the most expensive rental market of NCR, recorded at Rs 218-360 per sq ft per month.
