India Warehousing and Industrial sector to reach 516 mn sqft

16 Aug 2023 CW Team

The total Grade A and B supply in India's Warehousing and Industrial sector is expected to reach 516 million square feet by 2026, according to JLL's H12023 India: Logistics and Industrial State of the Nation study. According to the research, 15 million square feet of additional inventory were added to India's total leasing stock during H12023, bringing it to 344 million square feet. Delhi NCR, Mumbai, and Bengaluru were the major contributors to this supply.

In terms of net absorption or new leases, the top eight cities experienced 15 million square feet in H1 2023. However, India's gross absorption, which includes renewals and churnings, slightly fell from the H1 2022 number of 23 million sq ft to 20 million sq ft.

Notably, the top three locations in terms of demand for H1 2023 were Mumbai, Pune, and Delhi NCR.

Third-party logistics operators accounted for 43% of demand across the top eight cities in the leasing market. This represents a substantial increase from the 35% noted in H1 2022. In contrast, the lease share for the FMCG and retail industry fell from 23% in the same time last year to 15% in H12023. With a 23% share, the Auto & Engineering categories showed considerable growth for light manufacturing leasing.

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