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ICICI Securities Report
We attended Mindspace Business Parks Real Estate Investment Trust’s analyst meet in Mumbai/Pune where the company reiterated its strategy and business outlook for its office assets including:
overall portfolio physical occupancy which was 23% in April 2022 has improved to 30-35% in May 2022 and is expected to cross 60% by September 2022 barring any fresh Covid-19 related disruptions,
the REIT manager expects portfolio occupancy levels to cross 90% by end of FY23 or H1 FY24 on the back of renewed occupier interest for larger sized deals (committed occupancy stood at 84.3% as of March-22),
construction is on in full swing on the 1.7 million square feet of expected space addition in FY23E of which 70% space is already pre-committed and
de-densification trends for new office spaces is already visible with a large tenant planning for 150 square feet /employee versus 80-100 square feet earlier.
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