Delhi's office market set for major expansion with over 15 million sq. ft of new space in the pipeline

Delhi's office market is set for a major expansion, with significant new developments on the horizon. The National Buildings Construction Corporation (NBCC) will complete a 3.2-million-sq-ft World Trade Centre in South Delhi, while Bharti Realty, GMR, and Prestige Group are adding over 10 million sq. ft of office space in the Aerocity commercial district near the international airport. Delhi has around 9 million sq. ft of office space, which is expected to double with this new inventory. Over the past decade, the capital has seen limited office space additions, prompting many corporates to relocate to Gurugram or Noida. Managing Director-North India at Cushman & Wakefield, Mr. Vibhor Jain, highlighted that the new Grade A buildings attract firms willing to pay higher rent for a Delhi pin code, with several deals already underway.

The Prestige Trade Tower near the Delhi airport, Prestige Group's first commercial project in the city, is part of a larger 7.7-acre mixed-use development in Aerocity. This project will include a 2 million sq. ft development with 932 hotel rooms, 645,000 sq. ft of office space, and a 200,000 sq. ft convention centre. Bharti Realty has commenced developing around 6.5 million sq. ft of office space with an investment exceeding US$ 787.3 million (Rs. 6,595 crore), aiming to establish a global business hub. Approximately 3 million sq. ft will be dedicated to retail, including one of the region's largest malls, with additional phases planned to add 10 million sq. ft, including 2 million sq. ft for retail. Bharti Realty’s initial phase, Worldmark 1, 2, and 3, covering 1.5 million sq. ft, was later acquired by Brookfield Asset Management.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.