Gurgaon Office Market Statistics 2026: Stock, Leasing, Vacancy and Rents by Micro-Market

How big is the Gurgaon office market?

Cushman & Wakefield tracks Gurgaon as five Grade A sub-markets: Cyber City, MG Road, NH8 Prime (the NH-48 corridor), Golf Course Road and 'Gurugram Others', which covers Sohna Road, Golf Course Extension Road, Udyog Vihar, NH-8 non-prime, Gurgaon Faridabad Road and the Southern Peripheral Road. Together they held 95.9 million sq ft at the end of Q3 2026 (our sum of the firm's sub-market figures). Delhi NCR as a whole has 153.1 million sq ft, so Gurgaon is roughly 63% of the region's Grade A stock. Noida has 44 million sq ft.

The more interesting split is inside Gurgaon. Over half the stock, 49.8 million sq ft, is in the outer sub-markets. The three established clusters (Cyber City, Golf Course Road and MG Road) add up to only about 24.7 million sq ft, and they are close to full. That is the core of the office story in Gurgaon: a tight, expensive centre and a large, softer periphery.

Gurgaon office leasing in 2025 and 2026

2025 was a record. Delhi NCR leased 15.8 million sq ft, an all-time high and 24% more than 2024, and Gurgaon's annual leasing grew 14%. Adding Cushman & Wakefield's Gurugram sub-markets gives about 10.4 million sq ft of 2025 leasing in Gurgaon, 66% of the NCR total. NH8 Prime alone absorbed 4.17 million sq ft net that year.

2026 is slower. NCR leasing for January to September was 10.7 million sq ft, down 22% on the same period of 2025, which the firm partly blames on the high base. Gurgaon's share held up: 63% of NCR leasing in Q3 2026 and about 60% (6.38 million sq ft) year to date. In Q3, Gurgaon CBD took 18% of NCR leasing and Sohna Road 14%, while Noida Expressway was the busiest single sub-market at 20%.

Flexible workspace operators led Q3 2026 with a 32% share, followed by IT-BPM at 17%. Global capability centre leasing fell to 1.0 million sq ft in Q3, down 60% year on year, and the report links part of that to a shortage of large, contiguous Grade A+ floors in prime micro-markets.

Office rents in Gurgaon per sq ft: Cyber City, Golf Course Road, NH-48

Cyber City is Gurgaon's most expensive office address at ₹150 per sq ft per month in Q3 2026 (stock-weighted asking rent for Grade A space). Golf Course Road follows at ₹137, MG Road at ₹131 and NH8 Prime at ₹121. The outer Gurugram belt averages ₹68, less than half of Cyber City and close to Noida's ₹62.

Rents are rising. Cushman & Wakefield reports NCR rents up 6% to 9% year on year in Q3 2026, with Gurgaon CBD and NH-8 Prime outperforming at 12% to 15%. Compare the end of 2025: Cyber City was ₹140, Golf Course Road ₹132, NH8 Prime ₹113 and Gurugram Others ₹65.

For reference, Delhi CBD (Connaught Place) is ₹300 and Aerocity ₹244, so Gurgaon's best addresses still cost about half of central Delhi.

Gurgaon office vacancy rate by micro-market

Vacancy is where Gurgaon splits in two. Cyber City is at 1.3%, which in practice means no meaningful space is available. Golf Course Road (5.1%), MG Road (5.0%) and NH8 Prime (7.3%) are tight too. 'Gurugram Others' is at 26.8%, on a stock of nearly 5 crore sq ft. Weighting by stock, Gurgaon as a whole works out to about 16.3% vacant, a little under NCR's 17.6%.

The trend is down. At the end of 2025 Golf Course Road was 10.6% vacant and Gurugram Others 29.2%. NCR vacancy fell 220 bps in the year to Q3 2026 as net absorption of 2.2 million sq ft in the quarter outpaced roughly 0.9 million sq ft of new supply.

Other firms measure differently. ANAROCK's H1 2026 office update puts NCR vacancy at 20.8%, the second highest of the top seven cities, with NCR net absorption of 4.3 million sq ft in H1 2026, down 15%. We use Cushman & Wakefield here because it publishes Gurgaon sub-market numbers.

New office supply and the Golf Course Extension Road corridor

Gurgaon has about 11.8 million sq ft of Grade A space planned or under construction through 2028, almost all of it in NH8 Prime (5.77 million sq ft) and Gurugram Others (5.81 million sq ft). Cyber City and MG Road have nothing in the pipeline, which is why their rents keep climbing.

Golf Course Extension Road is counted within 'Gurugram Others', so the firm does not publish a separate figure for it. It is, however, attracting large deals: Eternal leased 1,07,000 sq ft at TRIL Intellion Park Tower 3 on Golf Course Extension Road in Q3 2026, and Onward Workspaces took 90,000 sq ft at Capital Business Park on Sohna Road.

For homebuyers this matters directly. Office jobs moving to Golf Course Extension Road, Sohna Road and the NH-48 belt support rental demand in Sectors 58 to 67, Sohna Road and Dwarka Expressway far more than another tower in Cyber City would.

Gurgaon vs Noida office market

Noida is catching up on volume, not price. In 2025 Noida's leasing rose 73% while Gurgaon's grew 14%, and Noida Expressway was the busiest NCR sub-market in both Q4 2025 and Q3 2026. Cushman & Wakefield describes Noida Expressway space as offering a 25% to 40% rental discount to prime NCR hubs.

Gurgaon still has more than twice Noida's Grade A stock (95.9 million against 44.0 million sq ft) and its prime rents are more than double Noida's average. The two markets now serve different occupiers: Gurgaon's CBD for headquarters and GCCs that need prime floors, Noida for cost-sensitive IT-BPM expansion.