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

Related Stories

Gold Stories

Next Story
Resources

NCC Founder and Padma Shri Awardee AVS Raju Passes Away at 89

Dr Alluri Venkata Satyanarayana Raju, founder and Chairman Emeritus of NCC Limited and a Padma Shri awardee, passed away in Hyderabad on 13 October 2026. He was 89.Born on 18 April 1937 in Antarvedipalem village in Andhra Pradesh's erstwhile East Godavari district, Raju began his entrepreneurial journey in 1956. He established Nagarjuna Construction Company (NCC) Limited in 1978, which subsequently emerged as one of India's leading construction and infrastructure companies.Under his leadership, NCC became a public limited company in 1990 and expanded into one of India's prominent listed constr..

Next Story
Infrastructure Transport

Embraer to Acquire 51 Per Cent Stake in Mahindra Aerospace Arm

Brazilian aerospace major Embraer will acquire a 51 per cent equity stake in Novavayu Aerospace, a step-down subsidiary of Mahindra and Mahindra, under an Investment Agreement notified by the automobile company in an exchange filing. The transaction will give Embraer control of the aerospace business. Following completion of the acquisition, Novavayu Aerospace will cease to be a wholly owned subsidiary and become an associate of Mahindra Defence Systems, which is a step-down wholly owned subsidiary of Mahindra and Mahindra. The agreement is expected to be completed on or before December 1. Mah..

Next Story
Infrastructure Urban

RBI Opens Special Dollar Window for Three State-Run OMCs

The Reserve Bank of India (RBI) has opened a special facility to meet the entire daily US dollar requirements of three public sector oil marketing companies (OMCs), in a move aimed at easing pressure on the Indian rupee. The facility will take effect on October 12, 2026, and remain available until further notice. Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are eligible to use the arrangement. Under the facility, the RBI will sell US dollars to the three companies through designated banks, allowing them to meet their oil-import payments without sourc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code