MUMBAI: Nielsen Media, a global major in audience measurement and analytics, has picked up an office space spread over four floors in a commercial complex in Mumbai’s western suburb Goregaon through a long-term lease of over 10 years.
The total rental outgo for the company for the over 152,000 sq-ft office space in commercial tower Oberoi Commerz III, part of larger layout Oberoi Garden City, will be more than Rs 465 crore over 10 years without factoring in any rental escalation.
The agreement includes a clause to escalate lease rentals by 15% every three years and a five-year lock-in period.
Of the total office space, Nielsen Media will occupy the 36th to 38th floors, while What’s On Media, a group company of Nielsen Media, will take up the 35th floor of the tower.
The lease agreement will commence from January 2025 and the fit-out period of seven months will start from June 1, 2024, documents accessed through CRE Matrix showed.
The total starting monthly rental of Rs 3.88 crore includes Rs 2.87 crore for Nielsen Media’s office space of 109,851 sq ft and terrace carpet area of 2,553 sq ft. What’s On Media will be paying initial rent of Rs 1.01 crore per month for the office spread over a carpet area of 37,932 sq ft and terrace of 1,920 sq ft.
The agreement also provides for exclusive access to 164 car parking slots in the tower. The transaction was registered on July 9.
ET’s email query to Nielsen Media and Oberoi Realty remained unanswered until press time Monday, while transaction advisor JLL India declined to comment.
Oberoi Garden City, spread over 80 acres, is a premium mixed-use development in Goregaon, located adjacent to a metro station. Oberoi Commerz III is a 2.9-million-sq-ft tower that already houses key occupiers including global investment bank Morgan Stanley.
Nielsen Media is expected to utilise the space for its global capability centre (GCC) in India.
Driven by technology and banking, financial services and insurance activity related to GCCs, global occupiers marked a strong return in the quarter ended June, taking the Indian office market’s leasing performance of January-June to a record high, a recent JLL study said.
Despite global economic sluggishness, the Indian office sector has experienced sustained growth in demand, reflecting strong market fundamentals and resilience against global challenges.
According to recent data, the office market surged to its best-ever first half with gross leasing of 33.5 million sq ft in, up 29% from a year ago surpassing the previous first half record performance of 30.71 million sq ft seen in 2019.
The remarkable growth in office leasing underscores the confidence in India’s commercial real estate market and its ability to attract significant investments despite broader economic uncertainties. This trend is expected to continue, driven by robust demand from various sectors and favourable market conditions.
