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

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Next Story
Resources

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Next Story
Real Estate

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?