


MIDC-Thane, Greater Noida, Manesar top in land costs for warehouses
Manesar and Greater Noida in the NCR and Maharashtra Industrial Development Corporation (MIDC) in Thane are among the costliest locations to acquire land for building a warehouse, with prices ranging from '15-30 crore per acre, compared to the average price of '2-5 crore per acre in other top markets in the country, according to CBRE.
Supply and absorption of warehousing space reached a new high as the pandemic propelled demand for e-commerce and retail, while FMCG continued to perform well, the real estate consultancy said.
Total leasing in 2023 stood at 38.8 million square feet across eight cities, CBRE said in a report.
«As we envision the future of the industrial and logistics sectors, this robust growth is a testament to the sector's resilience despite global economic challenges,» said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East & Africa, CBRE.
Total Industrial and Logistics (I&L) space supply hit a new peak of 36 million sq ft in 2023.
The move towards more structured operational models in industries such as retail, FMCG, and manufacturing is spurring demand for efficient last-mile delivery solutions, leading warehousing firms to actively explore markets to meet this demand.
During the year, I&L space leasing was predominantly steered by third-party logistics firms with a combined market share of about 45%. Within this sector, occupants from diverse industries such as ecommerce, retail, and manufacturing chose to outsource their supply chain operations to these firms.
«Witnessing diverse occupancies in I&L leasing from 3PL, e-commerce, retail, and manufacturing sectors indicates streamlining supply chain operations.