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Nirmal Bang Research Report
We interacted with the management of Embassy Office Parks real estate investment trusts. Our optimism about the company is in sync with the management’s opinion on demand recoverability in the commercial segment, subject to a possible third Covid-19 wave not hitting the country.
The management also said that since Omicron is not severe as per current data, physical occupancy is expected to continue to improve and is expected to reach 25% by end CY21.
A low vacancy rate in Bangaluru (Embassy REITs has ~75% of the leasable space in Bengaluru), rising physical occupancy, continued growth in demand from IT/IT enabled services sector and Global Captive Centers is expected to drive demand for the leasable space for the company.
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