Nielsen Media Leases Over 1.52 Lakh Sq Ft in Mumbai’s Goregaon
Nielsen Media, a global major in audience measurement and analytics, has secured a long-term lease for office space in Mumbai’s Goregaon. The office space spans over four floors in the commercial tower Oberoi Commerz III, within the larger Oberoi Garden City. This lease agreement, spanning over a period of 10 years, marks a significant move for Nielsen Media in expanding its presence in India.
Overview of the Office Space Agreement
The total office space acquired by Nielsen Media is a vast 152,000 square feet. The company will occupy the 36th to 38th floors, while its group company, What’s On Media, will take up the 35th floor of the tower. The monthly rent for Nielsen Media’s office space, which is spread across 109,851 square feet, is Rs 2.87 crore. Additionally, they will also have exclusive access to 164 car parking slots within the tower.
Tower Details and Location
Oberoi Commerz III is a part of Oberoi Garden City, a premium mixed-use development over 80 acres in Goregaon, Mumbai. The tower spans 2.9 million square feet and is home to various key occupiers, including global investment bank Morgan Stanley. The location holds strategic significance as it is adjacent to a metro station, ensuring excellent connectivity.
Growth and Demand in India’s Office Sector
India’s office sector has been exhibiting sustained growth, even in the global economic slowdown. In the first half of the year, the gross leasing in India’s office market reached a historic high of 33.5 million square feet, surpassing the previous record set in 2019. The growth in office leasing reflects confidence in the commercial real estate market of India. It also highlights the ability of the market to attract significant investments despite broader economic uncertainties.
Implication for Nielsen Media’s Global Capability Center (GCC)
Nielsen Media’s new office space is expected to house its global capability center (GCC) in India. This move could potentially strengthen their operations and enable them to expand their services in the country. The presence of GCCs, especially in technological and banking sectors, has driven demand for office space, contributing to India’s strong leasing performance in recent quarters.
Positive Market Outlook
The excellent performance of the Indian office market and its ability to attract significant investments indicate a positive market outlook. In spite of global economic challenges, demand for office spaces remains robust across sectors, suggesting favorable market conditions. This trend is likely to continue, driven by the confidence of global occupiers, the resilience of the market, and ongoing sectoral growth.
Nielsen Media’s expansion in Mumbai’s Goregaon marks a significant move for the company as it strengthens its presence and capabilities in India. With a long-term lease agreement of over 10 years, the company is well-positioned to leverage the strategic advantages offered by a prime commercial location. As the Indian office market continues to flourish, it remains an attractive destination for investment and expansion by global companies.
