Companies looking for premium office floors in Gurugram and the rest of Delhi NCR are finding almost everything taken. Pankaj Pal, Managing Director of Landmark Group, says that shortage will keep pushing lease rentals up.
Grade A+ office space in NCR is about 93% occupied, Pal said, leaving less than 7% vacant. Demand for these buildings, he said, is far higher than for any other kind of commercial space in Gurugram and NCR. “The rentals will keep increasing,” he said.
Key numbers
– Grade A+ office vacancy, Delhi NCR: 4.9% (early 2026)
– Grade A office vacancy, Delhi NCR: 19.1%
– Grade A+ rent: ₹123.5 per sq ft a month
– NCR office leasing, July-September 2026: 3.8 million sq ft, with Gurugram’s share at 63%
What is a Grade A+ office?
There is no official standard. In the market, Grade A+ usually means the newest, highest-specification office towers: large floors, green certification, strong building services and premium amenities, in the best-connected locations. These are the buildings multinational companies compete for.
Big floors, the main pitch
Landmark Group’s answer to this demand is Landmark One, a 2.1 million sq ft Grade A+ tower on Golf Course Extension Road. Pal said large floor plates are what companies want most.
“We have large floor plates, which is the USP of Landmark One,” he said. “Companies prefer floors which have large floor plates, no waiting time to reach office, quick parking and we give the same.”
Office floors in the tower will range from about 55,000 to 100,000 sq ft. The building will have 39 floors served by 49 dedicated lifts. Four basement levels will have parking for more than 3,000 cars.
The location fits a wider shift. Developers have reported growing interest from global occupiers in Grade A+ space along Golf Course Extension Road, particularly Sectors 62, 65 and 66.
‘DLF has done better’
Pal claimed Landmark One’s office spaces will be better than those of other developers in the segment. In the same breath, he conceded that DLF has delivered better office spaces in Gurugram so far.
That admission reflects the city’s history. DLF’s Cybercity towers, built between 2000 and 2010, turned Gurugram into a magnet for multinational companies.
Two markets in one
Consultants’ data backs Pal’s reading of the market. NCR’s office market has split in two. JLL research shows Grade A+ vacancy in Delhi NCR fell from 14.2% in 2022 to 4.9% by early 2026, while the wider Grade A segment still had 19.1% of its space empty.
Rents have followed the same split. Grade A+ rentals rose from ₹99.6 to ₹123.5 per sq ft a month between 2022 and early 2026, while Grade A rents moved from ₹79.4 to ₹93.8. Premium buildings took 65% of NCR’s annual office leasing in 2025, up from 45% in 2022.
Relief is not coming soon. Of 26.4 million sq ft of office space planned in NCR for 2026-2028, only 8.1 million sq ft is Grade A+.
September quarter: demand holds
The latest quarterly numbers point the same way. Cushman & Wakefield recorded 3.8 million sq ft of office leasing in NCR in July-September, taking the nine-month total to 10.7 million sq ft. Gurugram accounted for 63% of it. Net absorption ran ahead of new supply, bringing the region’s overall vacancy down to 17.6%.
Colliers’ data shows NCR leasing more than doubled year-on-year to 3.3 million sq ft in the quarter. A Knight Frank report released on Friday put NCR’s annual prime rental growth at 5.4%, with rents steady from the previous quarter.
Much of the demand is coming from global companies. Colliers expects Global Capability Centres to take close to half of India’s Grade A office leasing by the end of 2026.
The money behind Landmark One
The land under Landmark One is valued at ₹550 crore, and construction will cost about ₹1,000 crore. The company expects sales of more than ₹4,000 crore.
State Bank of India (SBI) has lent ₹330 crore for the first phase, which will cost ₹481 crore to build. Pal said the company would need to sell only a quarter of the project to clear the loan. “Sale of 25% will help us repay the SBI loan,” he said.
Construction is underway, and RERA records show May 2033 as the completion date.
Rising rents, Pal said, are also pushing developers out of Gurugram’s established business districts. “Commercial real estate rentals have really gone up, and developers will need to look for new micro-markets,” he said.
Frequently asked questions
Why are office rents rising in Gurugram?
Very little Grade A+ space is free. Vacancy in this segment fell to 4.9% in early 2026, and new premium supply over the next three years is limited.
What is the office vacancy rate in Delhi NCR?
About 17.6% overall as of September 2026, but under 5% for Grade A+ buildings.
Who is leasing the most office space in NCR?
Flexible workspace operators led July-September leasing with a 32% share, followed by IT-BPM and engineering and manufacturing firms.
What is Landmark One?
A 2.1 million sq ft Grade A+ office tower by Landmark Group on Golf Course Extension Road, Gurugram. It has a ₹330 crore SBI loan and a RERA completion date of May 2033.
