Noida office leasing likely to touch 4.7 million sq ft by year-end as airport nears completion; GCCs set to lead demand
The opening of Noida International Airport is expected to further accelerate momentum in the city’s office leasing market. Between January and September 2025, Noida recorded 3.3 million sq ft of gross leasing, with activity projected to reach 4.7 million sq ft by year-end, a report by Cushman & Wakefield has said.
Global Capability Centres (GCCs) continue to drive demand, accounting for nearly 1 million sq ft in the first nine months and likely to close at 1.28 million sq ft by December 2025, the report titled ‘Noida Runway for Growth’ said.
As for the commercial office real estate stock, it stands at 43.4 mn sq ft, including 26.6 mn sq ft of Grade A+ assets as of Q3 2025. Over the past five years, Noida has also witnessed a significant 40% increase in investment-grade office assets, attracting multinational corporations and strengthening its dynamic business ecosystem, the report said.
Leasing activity reinforces this momentum. The city recorded 3.3 mn sq ft of gross leasing between January and September 2025, projected to reach 4.7 mn sq ft by year-end. Global Capability Centres (GCC) continue to be an important occupier segment, contributing almost 1 mn sq ft in the first nine months and expected to close at 1.28 mn sq ft by December 2025, the report said.
In addition, the report highlights that the Uttar Pradesh government has introduced targeted policy support for IT, digital services and high-value operations, offering fiscal incentives, streamlined approvals and infrastructure support that collectively strengthen Noida’s attractiveness for new GCC establishments. Combined with Noida’s deep STEM talent base, this policy push is reinforcing the city’s position as an attractive destination for GCCs, the report said.
Also Read: Will Noida International Airport reshape the National Capital Region’s real estate market?
Looking ahead, the forecasted office supply over the next three years shows a clear shift in development strategy. While 2026 will see over 2.5 mn sq ft of strata-led office completions, the trend reverses sharply by 2028, when institutional/developer-owned Grade A+ projects are expected to rise to nearly 2.9 mn sq ft, far outpacing strata formats which fall to around 0.28 mn sq ft.
This transition points to a decisive move away from fragmented strata offices toward larger, investment-grade assets managed by professional developers and institutions, the report noted.
Also Read: Office leasing in Bengaluru, Delhi-NCR and Mumbai to touch 50 million sq ft in 2025 driven by strong GCC demand
“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,” said Supriya Chatterjee, Managing Director, North, Cushman & Wakefied.
“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,” he added.
