Cyber City & Udyog Vihar: Office Absorption Data Through 2026
Cyber City remains India's most leased single office micromarket, and Udyog Vihar's redevelopment into Grade-A stock is reshaping its tenant mix. This report tracks net absorption, vacancy and rental trends across both belts.
Grade-A office stock leased in Cyber City (cumulative)
21 msqft
Net rental yield, pre-leased Grade-A office (EstateVeda est.)
8.5-9.2%
Vacancy rate, Cyber City Grade-A
<8%
New Grade-A supply pipeline, Cyber City II, by 2028
12 msqft
What the data says
Cyber City's vacancy has stayed structurally low even through global tech layoffs, cushioned by GCC (Global Capability Centre) expansion demand.
Udyog Vihar's redevelopment from industrial-era stock to Grade-A office is attracting tenants priced out of Cyber City at a 15-20% rental discount.
Pre-leasing rates on new Cyber City II supply are running ahead of historical launch-stage averages, signalling genuine forward demand rather than speculative development.
GCC and BFSI tenants have replaced pure IT-services firms as the fastest-growing demand segment across both belts.
How EstateVeda executes this
Tenant-mix tracking across leased Grade-A stock to distinguish structurally durable demand (GCCs, BFSI) from cyclical IT-services exposure.
Lease-deed forensics on any pre-leased commercial asset considered for client acquisition, focused on lock-in, escalation and exit terms.
Vacancy and net-absorption tracking by micromarket, updated quarterly against CBRE/Knight Frank-class data alongside EstateVeda's own tenant surveys.
Risks we underwrite against
Global tech capex cycles remain the single largest swing factor for Cyber City tenant demand.
New Grade-A supply (Cyber City II) could pressure rentals if GCC expansion decelerates faster than currently projected.
EstateVeda verdict
Cyber City remains the safer, lower-yield commercial bet; Udyog Vihar's redeveloped Grade-A stock offers a higher-yield, moderately higher-risk alternative for investors comfortable with a newer micromarket.
Frequently asked questions
Is Cyber City office space still a good investment?
Yes for investors prioritising tenant quality and low vacancy over maximum yield; pre-leased Grade-A units there clear 8.5-9.2% net with sub-8% vacancy.
How does Udyog Vihar compare to Cyber City for office investment?
Udyog Vihar's newer Grade-A stock offers a rental discount of roughly 15-20% versus Cyber City, translating to a modestly higher yield but with a shorter track record of tenant demand.
What is driving Gurgaon office demand in 2026?
Global Capability Centres (GCCs) and BFSI tenants have become the dominant demand drivers, replacing the earlier IT-services-led leasing cycle.