(MENAFN- KNN India) New Delhi, Apr 16 (KNN) The industrial and warehousing sector in India witnessed robust demand in the first quarter of 2024, with supply inching towards 7 million sq ft, the highest in the last two years, according to a report by Colliers.
Mumbai and Chennai accounted for about 55 per cent of the total demand for industrial and warehousing space in Q1 2024.
Leasing activity in Chennai was particularly strong, almost doubling compared to the same period last year.
Around 33 per cent of the new Grade A industrial and warehousing developments in Q1 2024 were concentrated in the Delhi NCR region.
Bhiwandi in Mumbai was the most active market with 1.7 million sq ft of Grade A demand, followed by Oragadam in Chennai, which surpassed Chakan Talegoan in Pune.
Third-party logistics players (3PLs) continued to drive demand, contributing over 40 per cent of the total warehousing space take-up.
Chennai accounted for about 43 per cent of the overall 3PL activity across the top five cities.
Retail, engineering, and automobile players accounted for a significant share of 16 per cent, 12 per cent, and 12 per cent respectively in Q1 2024 demand.
Their cumulative share rose from 26 per cent in Q1 2023 to 40 per cent in Q1 2024, indicating changing consumption patterns and emerging opportunities.
(KNN Bureau)
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