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Nirmal Bang Report
We recently attended the analyst meet organised by Embassy Office Parks REITs. We remain optimistic and our optimism about the company is in sync with the management's opinion about recovery in demand in the commercial segment on the back of higher offshoring by global captive centres and technology centres.
The key takeaways from our interaction with Embassy REITs' management are:
strong ramp-up in physical attendance expected from April 2022,
leasing demand outlook is strong with 35 million square feet of request for proposal's in the market. Bengaluru contributes 60% to RFP's,
new construction is being accelerated to support higher demand from the corporates,
new supply outlook remains favorable, but quality of their assets is much better than new supply, as per management,
new cities under consideration – examining right of first offer of Chennai asset,
strong rebound in the hotel business, driven by revival of corporate demand.
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