Blackstone’s Nucleus Office Parks revises 2022 leasing guidance
ROADS & HIGHWAYS

Blackstone’s Nucleus Office Parks revises 2022 leasing guidance

Blackstone Group’s Nucleus Office Parks has revised its leasing guidance upward for the year led by a robust uptick observed in demand owing to a strong revival in the business environment post the Covid-19 pandemic.

Nucleus Office Parks CEO Quaiser Parvez told the media that the large-scale hiring across major sectors and return to the office are already pushing the demand for office space. In the market, most of the occupiers are looking for offices for their expansion now.

The company has leased over 5.3 million sq ft space, including renewals across its office parks in major property markets of the country in the last two quarters. Nucleus Office Parks expects to convert demand of at least 3 million sq ft this year based on the demand and enquiry levels.

Parvez told the media that over 60% of occupiers are looking for space for expansion, now as against about 18% to 20% in May 2021. The average size of the transaction has grown from 26,000 sq ft to 40,000 sq ft. The average size of suppliers’ buildings is also varying from 320,000 to 400,000 sq ft. All of these factors are showing that commercial real estate will shape up strongly from here.

Nucleus Office Parks' current portfolio comprises over 17 million sq ft of Grade A commercial office spaces spread across 13 marquee assets in Mumbai, the National Capital Region (NCR), Chennai, Bangalore, and Ahmedabad. It will be adding 1.5 million sq ft office spaces to this portfolio, including 9 lakh sq ft in Lower Parel in Mumbai and 6 lakh sq ft in Gurgaon by June.

Parvez believes the Indian office market is likely to witness a rebound driven by record hiring, expansion in the IT-enabled services sector, information technology, and other sectors, including flexible workspace providers and life sciences.

As per the Knight Frank India data, in 2021, office space absorption across the top 8 cities of India stood at 38.1 million sq ft, of which nearly 26 million sq ft was transacted during the second half of the year, marking a recovery in demand for office properties.

Image Source

Also read: Blackstone infuses Rs 50 cr to redevelop one-mile stretch in Mumbai

Blackstone Group’s Nucleus Office Parks has revised its leasing guidance upward for the year led by a robust uptick observed in demand owing to a strong revival in the business environment post the Covid-19 pandemic. Nucleus Office Parks CEO Quaiser Parvez told the media that the large-scale hiring across major sectors and return to the office are already pushing the demand for office space. In the market, most of the occupiers are looking for offices for their expansion now. The company has leased over 5.3 million sq ft space, including renewals across its office parks in major property markets of the country in the last two quarters. Nucleus Office Parks expects to convert demand of at least 3 million sq ft this year based on the demand and enquiry levels. Parvez told the media that over 60% of occupiers are looking for space for expansion, now as against about 18% to 20% in May 2021. The average size of the transaction has grown from 26,000 sq ft to 40,000 sq ft. The average size of suppliers’ buildings is also varying from 320,000 to 400,000 sq ft. All of these factors are showing that commercial real estate will shape up strongly from here. Nucleus Office Parks' current portfolio comprises over 17 million sq ft of Grade A commercial office spaces spread across 13 marquee assets in Mumbai, the National Capital Region (NCR), Chennai, Bangalore, and Ahmedabad. It will be adding 1.5 million sq ft office spaces to this portfolio, including 9 lakh sq ft in Lower Parel in Mumbai and 6 lakh sq ft in Gurgaon by June. Parvez believes the Indian office market is likely to witness a rebound driven by record hiring, expansion in the IT-enabled services sector, information technology, and other sectors, including flexible workspace providers and life sciences. As per the Knight Frank India data, in 2021, office space absorption across the top 8 cities of India stood at 38.1 million sq ft, of which nearly 26 million sq ft was transacted during the second half of the year, marking a recovery in demand for office properties. Image Source Also read: Blackstone infuses Rs 50 cr to redevelop one-mile stretch in Mumbai

Next Story
Infrastructure Transport

Chembur Metro to Boost East Mumbai Links

MMRDA is advancing eastern Mumbai’s urban mobility network, with the upcoming Chembur Metro Station set to emerge as a key interchange and the Mumbai Monorail preparing for relaunch.Dr Sanjay Mukherjee, Metropolitan Commissioner, MMRDA, conducted a site visit to Chembur Metro Station along with Kanhuraj Bagate, Managing Director, MMMOCL. He also visited the nearby VN Purav Monorail Station to review system preparedness and ease of interconnectivity.Once operational, the interchange is expected to offer commuters across the eastern suburbs quicker access, smoother transfers and seamless conne..

Next Story
Equipment

Herrenknecht TBMs Drive Thane–Borivali Tunnel Progress

Herrenknecht India has supplied two of the four tunnel boring machines (TBMs) required for the 11-km Thane–Borivali Twin Tunnel Project being developed by the Mumbai Metropolitan Region Development Authority (MMRDA). The project is expected to reduce travel time between Thane and Borivali from 60–90 minutes to around 15 minutes while easing congestion across the Mumbai Metropolitan Region.The first two Single Shield TBMs, named Nayak and Arjuna, feature 13.34-m cutterhead diameters and are designed for hard-rock excavation. They will be deployed to tunnel through the challenging geological..

Next Story
Resources

KBL Launches Smart Skid Mounted Fire Pump Set

Kirloskar Brothers (KBL) has launched its Smart Skid Mounted Fire Pump Set, an integrated fire protection solution designed to improve operational efficiency, remote monitoring and installation flexibility. The system was inaugurated by Ms Madhuritai Misal, Hon. Minister of State for Urban Development, Government of Maharashtra.The Smart Skid Mounted Fire Pump Set is a factory-tested, pre-packaged solution that combines FM/UL-certified motor and engine pump sets with IoT-enabled remote monitoring. Designed to deliver a flow rate of 170 m³/hr at a head of 100 metres, the system aims to provide..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

-->