Michael Holland, CEO – Embassy REIT, said the company has done very well in terms of new leasings over the last quarter considering the overall circumstances.
“We are very positive in terms of where things are heading. Many of our occupiers are starting to come back to the office, we are talking to many international companies about ramping up their programme. Now, people are beginning to realize internationally that the India numbers around COVID-19 are exceptionally positive. I think we are quite confident and quite positive in terms of rental increases,” he said.
“As the world moves to be more technology dependent, I think we feel that is going to continue. We are going to see an acceleration in the lease up by those companies over this calendar year. We saw over 25 percent increase in leasing Q3 over Q2, we are on a good positive trajectory in our view.”
“90 percent occupancy in our portfolio is one of the greatest strengths and a couple of percentage slippage on that is not something to be concerned about,” Holland said.
In terms of acquisitions, he said, “We have looked at acquisitions and we are very happy to complete that Tech Village acquisition of Rs 9,800 crore. We have integrated that. We have got plenty of growth within the portfolio. We have got potential for growth from those types of acquisitions from our two sponsors and we are looking at other potential acquisitions in six cities that we focus on.”
“In India in office sector, we are in one of the best office markets in the world because of the talented workforce here, because work is becoming geographically agnostic in many sectors. So the current changes, in some respect, play to the strengths of the India office market. That is why we will continue to see growth in demand,” he said.
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