Diverse Trends in India's Warehousing Sector: Delhi-NCR Falls, Chennai Rises

The real estate consultancy, Vestian, reported a 77% decline in warehousing leasing in Delhi-NCR during January-June 2024 while Chennai saw a threefold increase. Overall, absorption in seven major cities rose by 8% year-over-year. Mumbai and Pune accounted for 63% of total absorption, highlighting diverse regional trends in India.

Delhi-NCR witnessed a staggering 77% decline in leasing of warehousing and logistics spaces during the first half of this year, a report by real estate consultant Vestian revealed.

In sharp contrast, Chennai experienced a threefold surge in demand, indicating a significant shift in India's warehousing sector dynamics.

Overall, the absorption of warehousing and logistics spaces across seven major cities climbed 8% to 16.6 million square feet from the previous year. However, Mumbai and Pune dominated the market, accounting for 63% of total absorption.

(With inputs from agencies.)