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Summary:

India’s industrial and warehousing sector has grown significantly, with almost 20 million square feet leased in the first nine months of 2024, marking a 17% rise year-on-year across the top five cities. Colliers states that the quarterly average space uptake increased from 5.7 million sq. ft. in 2021 to 6.7 million sq. ft. in 2024, primarily driven by third-party logistics (3PL) businesses, which accounted for 35% of demand, with Delhi NCR and Chennai comprising 53% of leasing activity.

 

In Q3 2024, the top five cities registered 7.3 million sq. ft. of industrial and warehousing demand, up 18% year-on-year, with Delhi NCR accounting for 33% of this total. The Bhaproda and Kulana micromarkets fueled this need. Third-party logistics (3PL) companies dominated the demand, primarily in Mumbai and Chennai, while engineering firms accounted for 26% of the demand, mainly in Chennai and Delhi NCR. Colliers predicts record leasing of 25-30 million square feet by the end of the year, driven by logistical efficiency and India's industrial expansion.

 

Source: IBEF

 

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