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NCR office market records 61 per cent spike in net absorption, highest among top 7 cities
The Statesman Siliguri
|March 14, 2025
The National Capital Region (NCR) office market recorded a 61 per cent year-on-year increase in net absorption, the highest among the top 7 cities, to reach 9.5 million sq. ft. in 2024, a report by ANAROCK said.
It said that growth is primarily driven by robust demand from Global Capability Centers (GCCs) and the technology sector.
The co-working sector accounted for 34 per cent of the total transactions, marking a 6 per cent increase from 2023. Conversely, the IT-ITeS sector's share decreased by 3 per cent to 29 per cent, while consulting business occupiers contributed 12 per cent to the overall transactions.
According to the report, the city's market witnessed a reduction in new office completions, declining by 22 per cent to 5.9 million sq. ft. in 2024 compared to 7.6 million sq. ft. in 2023.
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