Nielsen Media, a global leader in audience measurement and analytics, has secured a substantial office space lease in Mumbai's western suburb of Goregaon. The company has entered into a long-term lease agreement for over 152,000 sq ft of office space in the commercial tower Oberoi Commerz III, part of the larger Oberoi Garden City layout.
Key Details:
- Lease Duration: Over 10 years.
- Total Rental Cost: More than Rs 465 crore, excluding rental escalations.
- Rental Escalation Clause: 15% increase every three years.
- Lock-in Period: Five years.
Office Space Allocation:
- Nielsen Media: Will occupy the 36th to 38th floors, totaling 109,851 sq ft, plus an additional terrace carpet area of 2,553 sq ft.
- What’s On Media: A group company of Nielsen Media, will take the 35th floor, covering 37,932 sq ft, plus a terrace of 1,920 sq ft.
- Total Monthly Rent: Rs 3.88 crore initially, with Rs 2.87 crore for Nielsen Media and Rs 1.01 crore for What’s On Media.
- Parking: Exclusive access to 164 car parking slots.
Lease Agreement Timeline:
- Commencement: January 2025.
- Fit-out Period: Seven months starting from June 1, 2024.
Location Benefits:
- Oberoi Garden City: An 80-acre premium mixed-use development in Goregaon, adjacent to a metro station.
- Oberoi Commerz III: A 2.9-million-sq-ft tower housing key occupiers, including global investment bank Morgan Stanley.
Strategic Move:
Nielsen Media’s new office space is expected to serve as its global capability center (GCC) in India. This significant lease aligns with the broader trend of global occupiers returning strongly to the Indian office market, driven by technology and BFSI (Banking, Financial Services, and Insurance) sectors.
Market Context:
The Indian office market has shown remarkable resilience and growth, with gross leasing in the first half of the year reaching a record 33.5 million sq ft, up 29% from the previous year. This surge underscores confidence in India’s commercial real estate market despite global economic uncertainties, and the trend is expected to continue with robust demand from various sectors.
This significant leasing deal by Nielsen Media highlights the strong fundamentals and attractiveness of Mumbai’s commercial real estate market.