Delhi’s office market is poised for a major expansion, with more than 15 million square feet of new office space expected in the coming years. The development includes a 3.2-million-sq-ft World Trade Centre completed by NBCC in South Delhi and over 10 million sq ft of new office space being added by Bharti, GMR, and Prestige in the Aerocity commercial district near the international airport.
Currently, Delhi has approximately 9 million sq ft of office space, but this figure is set to more than double with the new developments. The city has seen limited office space growth over the past decade, which has led many businesses to relocate to Gurugram or Noida.
"Many corporates are willing to pay a premium to have a Delhi address. After the first phase of Aerocity, this is the first time many Grade A buildings are being developed in Delhi. There are several deals in the pipeline, and with the upcoming supply, clients are ready to pre-commit to space," said Vibhor Jain, Managing Director for North India at Cushman & Wakefield.
Companies such as Deloitte and WeWork have already secured office space in the new projects near Delhi’s airport, with ongoing negotiations involving other major corporations. Additionally, HDFC Bank, the Pension Fund Regulatory and Development Authority (PFRDA), and the National Internet Exchange of India (NIXI) have acquired space at Nauroji Nagar in South Delhi from state-run NBCC (India) Ltd.
Prestige Group’s Prestige Trade Tower near the Delhi airport is its first commercial project in the city. The group, which formed a joint venture with DB Realty in 2019, is developing a mixed-use project spanning 7.7 acres in Aerocity. The project will feature 2 million sq ft of space, including 932 hotel rooms, 645,000 sq ft of office space, and a 200,000 sq ft convention center.
Bharti Realty is investing over Rs 6,595 crore to develop around 6.5 million sq ft of office space, aimed at creating a global business hub. This includes a 3-million-sq-ft retail space, which will feature one of the region’s largest malls. In subsequent phases, an additional 10 million sq ft will be developed, including about 2 million sq ft for retail. Bharti Realty’s initial phase included the successful completion of Worldmark 1, 2, and 3, totaling approximately 1.5 million sq ft, which was later acquired by Canada’s Brookfield Asset Management.
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