Gurgaon Commercial Market Records a Strategic Shift in Q4 2025

Introduction

Fourth Quarter of 2025 witnessed a dramatic shift in the commercial real estate scenario of Gurgaon. With a resplendent growth in office space leasing activity, prime micro-markets like Golf Course Road, Golf Course Extension, and Sohna Road exhibited differential dynamics. Our Q4 Market Activity Report captures future trends, dominant occupiers, and shifting demand-supply dynamics — providing key inputs to real estate investment players, developers, and companies to take their next step.

Golf Course Road Outstrips Golf Course Extension

In a reversal, Golf Course Road has surpassed Golf Course Extension in transaction volumes this quarter. The growth is spearheaded by a record deal where Smartworks leased out the entire campus earlier held by American Express. This single deal contributed heavily to the 0.61 million sq. ft. of office space in Gurgaon leased on Golf Course Road compared to 0.47 million sq. ft. on Golf Course Extension.

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Golf Course Road

• Office Transactions: 0.61 million sq. ft.
• Retail Transactions: 0.06 million sq. ft.
• Vacancy Overview: 0.8 million sq. ft. available, 7.1 million sq. ft. leased

Key Insight: Boosting occupier demand, vacancy pressure continues for older empty office space.

Golf Course Extension

• Office Transactions: 0.47 million sq. ft.
• Retail Transactions: 0.30 million sq. ft.
• Vacancy Snapshot: 8.5 million sq. ft. vacant, 10.8 million sq. ft. occupied
• Key Insight: Retail demand grew by nearly 100,000 sq. ft. over the previous quarter.

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Transaction Size Dynamics in Micro-Markets

Evidence of volumes leased is presented in a pattern of consistency in all three markets — a clear dominance of bulk deals (10,000+ sq. ft.), with Golf Course Road taking the lead:

Golf Course Road:

• 50,000 sq. ft. transactions: 478,327 sq. ft.
• Transactions (10,001–50,000 sq. ft.): 99,585 sq. ft.

Golf Course Extension:

• 50,000 sq. ft. deals: 68,979 sq. ft.
• 10,001–50,000 sq. ft. deals: 279,770 sq. ft.

Sohna Road:

• 10,001–50,000 sq. ft. deals: 37,560 sq. ft.
• No deals >50,000 sq. ft.

This leasing trend marks an increasing demand for coworking space in Gurgaon by large occupiers in Gurgaon's key industries.

Conclusion

Q4 2025 captures a market in action. As vacancy levels rise and institutional interest remains high in top-tier corridors such as Golf Course Road, the market is primed for tactical entry and commercial property investment. Developers must concentrate on renovating aging stock, whereas occupiers stand to gain from pre-commitment and renegotiation possibilities in office space for lease in Gurgaon.

As we move into 2025, micro-market competition, transaction size levels, and quality of investment property will increasingly shape the Gurgaon commercial property trajectory.

About Realsta

With over ?1,360 crore in advised capital and 22 lakh sq. ft. of commercial real estate in Gurgaon our strategy is anchored in disciplined, high-conviction commercial real estate investment across Gurgaon’s most prolific micro-markets. We invest alongside our clients in nearly every transaction—ensuring true alignment and shared upside. By combining deep operating insight, on-the-ground intelligence, and robust capital capabilities, we build and scale strategic CRE assets with enduring value.

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