Pre-Leased Commercial in Gurgaon: Underwriting the Tenant, Not the Building
A pre-leased office is a bond with a building attached. The coupon is the lease; the collateral is the asset. Most buyers underwrite the second and ignore the first — which is exactly backwards.
Gross yield band
6.0–8.5%
Typical lock-in
5–9 yr
Standard escalation / 3 yr
15%
Practical entry ticket
₹3 Cr+
What the data says
Grade-A Cyber City and Golf Course Road offices trade at lower yields precisely because re-leasing risk is lower — the spread is the risk premium.
Retail pre-lease yields look higher but carry far shorter effective tenancy and heavier fit-out reset costs.
A lease with 18 months left is not a pre-leased asset; it is a vacant asset with a countdown.
Lease-deed forensics: lock-in, escalation, exit, restoration and CAM pass-through.
Exit modelling on the assumption the tenant does not renew.
Title, occupancy certificate and change-of-land-use verification.
Risks we underwrite against
Single-tenant concentration — one vacancy takes yield to zero.
Sector exposure: IT-services-heavy tenants correlate with global tech capex cycles.
Illiquidity — commercial resale in NCR typically takes 4–8 months.
EstateVeda verdict
Buy only Grade-A with a listed or MNC tenant, more than 4 years of residual lock-in, and an exit thesis that assumes non-renewal.
Frequently asked questions
What yield do pre-leased offices give in Gurgaon?
6.0–8.5% gross depending on grade, tenant credit and residual lock-in. Grade-A Cyber City assets sit at the lower, safer end.
Is pre-leased commercial better than residential?
It yields roughly double, but it is less liquid and the return depends on a single tenant. It suits portfolios above ₹10 Cr that already hold residential.
What ticket size is needed?
Credible Grade-A pre-leased units in Gurgaon start around ₹3 Cr; institutional-quality floors run ₹15 Cr+.