Gurugram is leading commercial real estate growth in the National Capital Region (NCR), driven by strong office and retail leasing. The city accounted for a significant portion of NCR's 7.2 million square feet of office leasing in the first half of 2025, with demand from GCCs, IT, and corporates for Grade-A spaces. Organized retail leasing also rose, with fashion and homeware sectors showing robust activity. Vacancy rates in Gurugram's Grade-A retail spaces have fallen below 3%, indicating a tightening market and sustained occupier confidence.