Noida's office leasing market is set for a record year with the completion of the Noida International Airport and the targeted government support that are the main reasons for the robust demand. According to the report titled 'Noida Runway for Growth' by Cushman & Wakefield, Noida's gross office leasing grew to 3.3 million sq ft from January to September 2025. The activity is anticipated to be around 4.7 million sq ft by the end of the year.
One of the main reasons for this demand is the expansion of Global Capability Centres (GCCs), which were responsible for close to 1 million sq ft of leasing during the first nine months of 2025 and are expected to finish the year at around 1.28 million sq ft. Electrified by factors such as infrastructure, talent pool, and availability of Grade A office stock, the GCs representing multinational corporate operations of IT, analytics, digital services, and finance have a growing trend towards Noida.
Third quarter 2025 snapshot of Noida commercial office real estate shows a total space of 43.4 million sq ft, of which 26.6 million sq ft is Grade A+ properties. The city in the past five years has been able to increase the share of investment-grade office properties by 40% thus it has become the preferred destination of multinational corporations and therefore the local business ecosystem has been strengthened to a greater extent.
The forecasted office supply in the next three years is said to reflect a strategic shift in the development trend. While 2026 is expected to see over 2.5 million sq ft of strata-led office completions, by 2028 institutional and developer-owned Grade A+ projects are expected to rise to nearly 2.9 million sq ft. Strata office completions, in contrast, are projected to fall sharply to around 0.28 million sq ft. This transition suggests a move away from fragmented strata offices toward larger, investment-grade assets managed by professional developers and institutional players.
Supriya Chatterjee, Managing Director, North, Cushman & Wakefield, said, “Noida’s growth today is both broad-based and structural. Our analysis shows a city evolving across every major front — strengthening its office corridor, upgrading its retail landscape, accelerating residential momentum, and emerging as North India’s most competitive industrial and data centre hub. The office market, in particular, continues to demonstrate strong depth, with 2025 leasing volumes reflecting healthy demand from corporates and GCCs alike. Noida’s expanding Grade A+ stock and its shift toward institutional, investment-grade developments underscore its growing maturity as a business destination.”
Infrastructure upgrades, especially the Noida International Airport, are expected to be a major catalyst for continued leasing momentum. Chatterjee added, “Infrastructure upgrades, especially the Noida International Airport and enhanced metro and expressway connectivity, combined with strong policy support and a deep STEM talent base, are creating a powerful foundation for long-term expansion. Taken together, these drivers position Noida for a new phase of scale and maturity across asset classes.”
The government of Uttar Pradesh, besides improving the infrastructure, through specific policy measures has made the city of Noida a very attractive location for the Global Capability Centers (GCCs). The incentives package by the government features among others fiscal support, expedited approvals, and facilitation of infrastructure. The benefits, together with a large pool of STEM-skilled professionals, in the city, are the reasons for the fresh investments as well as the further deepening of existing operations in the city.
Besides, the report by Cushman & Wakefield sheds light on the altered leasing dynamics in Noida. The demand pattern for office spaces in the city of Noida is changing, which means a rise in the quality of spaces and a broadening of the base of players and investors. On one side there are GCCs which are the main demand drivers for office spaces and on the other, we are seeing a maturing commercial office ecosystem with an increasing proportion of investment-grade and institutional office space. This shift enables the developers and investors to concentrate on quality, long-term, large assets rather than scattered, smaller offices.
The synergies of fresh infrastructure, vigorous policy stimulator, and an increasing stock of Grade A+ office units are the main factors expected to keep the demand alive in the years to come and at the same time, stimulate the inflow of a broader spectrum of domestic and international occupiers.
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