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earnings | IST

Rentals back to pre-COVID levels in key markets: Embassy Office Parks

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Michael Holland, chief executive officer (CEO) of Embassy Office Parks REIT, on Wednesday said that there is a positive uptick in leasing. Holland also said that rentals are back to pre-COVID-19 levels in key markets like Bengaluru.

Michael Holland, chief executive officer (CEO) of Embassy Office Parks REIT, on Wednesday said that there is an uptick in leasing. Holland also said that rentals are back to pre-COVID-19 levels in key markets like Bengaluru.
The real estate developer reported earnings for the September-ended quarter largely in line with estimates. The company's launch pipeline also looks healthy.
“Not just us but other listed Real Estate Investment Trust (REIT) are also seeing an encouraging and positive uptick in new inquiries and new leases. There is a 66 percent increase in the number of viewings; companies coming out and looking for new spaces,” Holland said in an interview to CNBC-TV18.
According to him, demand is coming from the technology sector and global captive centres. “Because of the super hiring spree that we all been reading about in the tech sector – that’s now beginning to feed through into office demand. So its tech and global captive centres (GCC); it’s the offshore centres that are captive centres for international companies and that is a large part of our portfolio,” said Holland.
On rentals, he said, “It’s back to pre-COVID levels in key markets like Bengaluru and there is a significant uptick because rentals held firm. However, the issue is not about the rental level. The issue is about availability of space.”
For the entire management interview, watch the video