Blackstone Group’s Nucleus Office Parks revised 2022 leasing guidance on office demand rebound post Covid

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

Nucleus Office Parks, the operating platform for Blackstone Group for fully-owned office properties of India’s largest commercial real estate owner has revised its leasing guidance upward for the year led by robust uptick witnessed in demand owing to strong revival in business environment post the Covid19 pandemic.

“The large-scale hiring across key sectors and return to office is already driving the demand for office space. Most of the occupiers are in the market looking for offices for their expansion now and not for rewiring or reoptimizing their portfolio as was the case a year ago,” Quaiser Parvez, CEO, Nucleus Office Parks, told ET in an exclusive interaction.

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