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Mindspace Office Parks REIT - Strong Revival In Physical Occupancy Will Drive New RFPs: Nirmal Bang

Mindspace Office Parks REIT - Strong Revival In Physical Occupancy Will Drive New RFPs: Nirmal Bang

<div class="paragraphs"><p>A commercial office building. (Photo: Mike Kononov/ Source: Unsplash)</p></div>
A commercial office building. (Photo: Mike Kononov/ Source: Unsplash)

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Nirmal Bang Report

We recently attended the analyst meet arranged by Mindspace Office Parks real estate investment trust. We remain optimistic and our optimism about the company is in sync with the management’s opinion on demand recoverability in the commercial segment on the back of higher offshoring by global captive centres and technology companies.

The key takeaways from the analyst meet are:

  1. strong ramp-up in physical attendance since April 2022,

  2. leasing demand outlook is strong, with ~25 million square feet of request for proposals in the market,

  3. under construction data centre at Airoli West with a leasable area of ~0.315 million sqft is fully leased out,

  4. applied special economic zone denotification for building five at Airoli West to attract more tenants,

  5. ramping up construction activities at Pune and Airoli should aid rental income,

  6. Mindspace is in the process of evaluating the acquisition of right of first offer assets across cities such as Hyderabad, Chennai and Navi Mumbai,

  7. adopting environmental, social and governance framework in construction attracts more client attention.

Click on the attachment to read the full report:

Nirmal Bang Mindspace Office Parks REIT-Company Update-13 June 2022.pdf

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