Delhi’s office market gears up for major expansion with over 15 million sq ft of new space in the pipeline

Delhi’s office market is gearing up for an unprecedented surge in supply over the next few years, with NBCC completing a 3.2 million sq ft World Trade Center in South Delhi, and Bharti, GMR and Prestige adding over 10 million sq ft of new office space in Aerocity Shopping District close to the international airport.

Delhi currently has around 9 million square feet of office space, and this figure is expected to double in the coming years thanks to new inventory.

The national capital has seen minimal additions of office space over the past decade, prompting many companies to relocate to Gurugram or Noida.

“Many companies are willing to pay a higher rent to have the Delhi postal code. After the first phase of Aerocity, this is the first time that many companies are willing to pay a higher rent to have the Delhi postal code. Grade A buildings “New business opportunities are coming up in Delhi and there are multiple deals in the pipeline. Due to lack of supply, many companies have shifted to Gurugram and Noida and with the upcoming supply in Delhi, clients are ready to commit upfront for space,” said Vibhor Jain, managing director, North India, Cushman & Wakefield.

Industry officials said companies like Deloitte and We work They have already secured space in upcoming projects near Delhi airport and are continuing talks with several other corporations.

Meanwhile, HDFC BankThe Pension Fund Regulatory and Development Authority (PFRDA) and the National Internet Exchange of India (NIXI) have acquired space in Nauroji Nagar in South Delhi from state-owned NBCC (India) Ltd. Prestige Group’s Prestige Trade Tower near Delhi Airport marks its first commercial project in the city. The group entered into a joint venture with DB Real Estate in 2019 to develop a hospitality-focused mixed-use project spanning 7.7 acres in Aerocity. The group plans to develop a 2 million-square-foot project with 932 hotel rooms, 645,000 square feet of office space and a 200,000-square-foot convention center.

Bharti Real Estate It has started developing around 6.5 million sq ft of office space with an investment of over Rs 6,595 crore to create a global shopping mall. Around 3 million sq ft of this space will be dedicated to retail, including one of the largest malls in the region.

In subsequent phases, an additional 10 million square feet will be developed, of which around 2 million square feet will be for retail. In the initial phase, Bharti Realty successfully constructed Worldmark 1, 2 and 3, spanning around 1.5 million square feet. The project was later acquired by Canada’s Brookfield Asset Management.