Demand for corporate office space strong in 2011: Unitech Corporate Parks

NEW DELHI: Unitech Corporate Parks has said it has leased an additional 1.1 million sq ft of corporate office space since February 2011, taking the total amount of leased office space to 5.1 million sq ft as of June 20, 2011. Of this, area leased is 3.9 million sq ft and pre-lease commitments are 1.2 million sq ft.

“The increased level of tenant demand for space that we experienced at the start of the year has continued and we are seeing significant interest across several of our schemes, which is reflected in the latest progress with lettings. While we cannot guarantee that lettings will continue at this rate, we will continue to monitor the market closely and seek to take full advantage of demand where it remains strong,” said Aubrey Adams, chairman of UCP.

Subject to the completion of building work as scheduled, the consequent completion of leases and the implementation of indexation as provided in lease contracts, annualised rental income at the SPV levels from the 5.1 million sq ft of leased or committed space will be at the rate of approximately £33.4 million from Q3 2013.