The industrial and warehousing leasing saw 17 per cent year-on-year (Y-o-Y) growth during the first three quarters of the ongoing calendar year (CY2024) across the top five cities of India, a research report by Colliers said.
About 20.2 million square feet (msf) space was leased during the period in Mumbai, Pune, Bengaluru, Delhi NCR, and Chennai.
Vijay Ganesh, managing director, Industrial and Logistics Services, Colliers India, said, “On a quarterly basis, Q3 of 2024 saw about 7.3 msf of industrial and warehousing demand across the top five cities, an 18 per cent rise year-on-year (YoY). With 2.3 msf of leasing and about one-third share, Delhi NCR continued to drive quarterly demand. The demand in the region was led by a large uptake of industrial and warehousing space in Bhaproda and Kulana micro markets.”
Moreover, quarterly average space uptake has steadily increased from 5.7 msf in 2021 to 6.7 msf in 2024, indicating steady and sturdy growth in industrial and warehousing demand, the report stated.
Third party logistics (3PL) players continued to dominate the absorption with about 35 per cent share in overall leasing, meanwhile, space uptake by players from engineering and fast-moving consumer goods (FMCG) segments accounted for 32 per cent.