Calcutta’s industrial and logistics sector is likely to record a five-year high supply at 5.2 million square feet in 2023 as various projects across the city and its peripheries are nearing completion.
The city is also witnessing an inflow of institutional funding from corporate houses looking to set up their facilities, CBRE South Asia, the international realty consultancy firm, said in a report.
Anshuman Magazine, chairman & CEO — India, South-East Asia, Middle East & Africa, CBRE, said, “The current real estate landscape in the state, particularly in Calcutta, is witnessing a transformative phase where the infusion of quality supply is fueling absorption , propelling the growth trajectory of the state’s real estate sector.”
“The anticipated absorption of 3.5 million sq. ft. in CY 2023 indicates a positive outlook for leasing activities, suggesting a potential surge in demand for commercial spaces,” Magazine , who is in Calcutta to attend the Bengal Global Business Summit, said.
During the January-September 2023 period, total leasing in the sector in the city stood at 2.7 million sq. ft. The city has close to 10 million sq. ft. of Grade A logistics developments in NH-2, NH-6, and Taratala regions.
The growth has been primarily in the micro-markets of NH – 2 & NH – 6 due to their strategic positioning.