Industrial & Warehousing Leasing Sees Robust Growth in Q1 2024
Bhiwandi in Mumbai emerged as the most active market with 1.7 million sq ft of Grade A demand, followed by Oragadam in Chennai, surpassing Chakan Talegoan in Pune.
Third-party logistics players (3PL) dominated the occupiers, making up over 40% of the warehousing demand, with Chennai leading at 43% of 3PL activity. Retailers contributed 16% of the demand nationwide, while engineering and automobile sectors each accounted for 12%.
Vijay Ganesh, Managing Director, Industrial & Logistics Services, Colliers India, commented on the changing trends, stating, “3PL players remain strong drivers, but we’re also seeing significant contributions from Retail, Engineering, and Automobile sectors. Their combined share has increased from 26% in Q1 2023 to 40% in Q1 2024, indicating evolving consumption patterns and emerging opportunities in the sector.”