Despite the unfavorable socio-economic environment, warehousing stock in top 8 cities - NCR Delhi, Mumbai, Bangalore, Chennai, Pune, Kolkata, Hyderabad and Ahmedabad - has added 27 million sq. ft to reach a total of 238 million sq. ft. in 2020 as per the ‘India Real Estate Outlook – A new growth cycle’ by JLL. The demand is expected to grow around 160% to reach 35 million sq. ft in 2021, if the external conditions stay stable.

“In Q4, the market started gaining momentum with highest supply and absorption in 2020 post the lockdown. Industrial spaces witnessed a 13% Y-o-Y growth in total stock in Grade A & B warehousing space in top 8 cities. The overall warehousing space stands at 238 million sq. ft at the end of 2020 compared to 211 million sq. ft in the previous year, resulting in a net supply of 27 million sq. ft,” said Yogesh Shevade, Head Industrial Services, JLL, India. “An Important point to note here is that in 2020 the end-users / tenants have looked for new and innovative ways for taking up spaces on short term / temporary lease tenure of 9 -12 months for leasing of ‘white spaces / unused spaces’ in an existing leased warehouse on sub-lease. Unfortunately, these do not get captured in net absorptions (considering these are already leased),” he added.

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