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Private Sector | Multi State - India | PID: 203366
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In the first half of 2024, the industrial and warehousing sector across the top five cities in India experienced a robust demand, with around 13 million sq ft of leasing activity and a 17% year-on-year growth. Chennai and Delhi NCR led the market, together accounting for about half of the overall leasing. Third Party Logistics (3PL) players dominated the space, representing 36% of the demand.
Chennai's warehousing demand nearly doubled compared to H1 2023, primarily driven by 3PL requirements. Key micro markets like Bhiwandi (Mumbai), Chakan-Talegaon (Pune), and Oragadam (Chennai) each saw over 1.5 million sq ft of space uptake.
In Q2 2024 alone, the top five cities saw about 6 million sq ft of industrial and warehousing demand, a 48% increase year-on-year. Delhi NCR led the quarterly demand with 1.8 million sq ft, driven by significant uptake in Farukhnagar and Sonipat.
Given the healthy demand and supportive government policies, developers are investing in high-quality, technologically advanced warehousing facilities. With substantial completions in the first half of the year, 2024 is set to see Grade A supply of 20-25 million sq ft," said Vijay Ganesh, Managing Director, Industrial & Logistics Services, Colliers India.
| Updated on: 07 - Sep - 2024
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