Industrial & warehousing demand remains healthy with about 13 mn sq ft of leasing in H1 2024
leasing activity in H1 2024 and 17% y-o-y growth, as mentioned by Colliers in its latest report.
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According to the report, Chennai and Delhi NCR led the demand, cumulatively accounting for about half of the overall leasing in H1 2024.
Third-party logistics (3PL) players continued to be the top occupiers of warehousing space, contributing to about 36% share in overall demand during the year's first half.
Interestingly, demand in Chennai almost doubled in H1 2024 compared to the same period last year and was largely driven by the warehousing requirements of 3PL players. At a micro market level, warehousing space uptake was more than 1.5 million sq ft each in Bhiwandi (Mumbai), Chakan-Talegaon(Pune),and Oragadam (Chennai).
“On a quarterly basis, Q2 2024 saw about 6 million sq ft of industrial and warehousing demand across the top five cities, a 48% rise y-o-y. With 1.8 million sq ft of leasing and 30% share,quarterly demand was significantly driven by Delhi NCR. Taking cognizance of healthy demand across major cities andsupportive government policies, developers have been infusing high quality warehousing facilities replete with technologically advanced features,” said Vijay Ganesh, Managing Director,Industrial & Logistics Services, Colliers India.
According to the report, 3PL players continued to dominate the demand with about 36% share, space uptake
