Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
During the 2022 calendar year, the total
leasing of ware-housing space in these three cities stood at 10.7 million
square feet. Third-party logistics
firms, engineering & manufacturing companies, and e-commerce players take
warehousing spaces on lease and are major demand drivers.
Real estate consultant
Vestian data showed that the share of these three southern cities fell to 27
per cent in 2023 from 34 per cent in the previous year. Across seven major
cities, the leasing of warehousing and logistics spaces grew 21 per cent to
37.8 million square feet in 2023 from 31.2 million square feet in the previous
year.
Among cities, the demand in
Bengaluru fell to 3.6 million square feet from 4.1 million square feet. Hyderabad
too witnessed a fall at 3.1 million square feet as against 3.7 million square
feet in the previous year. However, the
leasing of office space in Chennai grew to 3.5 million square feet from 2.9
million square feet.
In Mumbai, the leasing of
warehousing space surged to 10.2 million square feet from 6 million square
feet.
The demand in Delhi-NCR
increased to 8.8 million square feet from 7.3 million square feet. In Pune, the
leasing of warehousing space rose to 7 million square feet from 5.2 million
square feet. Vestian attributed the
growth in Pune to the presence of a trade hub of Chakan MIDC, which hosts large
manufacturing and logistics parks.
In Kolkata, the leasing of
warehousing and logistics spaces declined to 1.6 million square feet from 2.1
million square feet. Limited availability of Grade A warehouses in Kolkata
posed a challenge in meeting growing demand, leading to a decrease in
absorption, Vestian said.
Shrinivas Rao, CEO at Vestian said, “The Union Budget 2024-25 is
expected to set the tone for next couple of years. Recent announcements of
infrastructure development in the interim Budget may have a positive impact on
the sector.” “However, 2024 can be a
challenging year for the Indian warehousing sector as investments were on a
downward trend in 2023,” Rao cautioned.
Vestian is one of the leading real estate consultants in the world. In India, it is headquartered in Bengaluru and
has a presence in major cities.
