Grade-A India Warehousing Report - Jan'24

The warehousing sector in India has witnessed a remarkable surge in demand since CY'22, outpacing the demand for office spaces by 3.5%. Key contributors to this growth are the National Capital Region (NCR) and Pune, jointly constituting 53% of the overall warehousing demand. The manufacturing sector has played a pivotal role, contributing over 28% to the warehousing demand during the first nine months of CY'23. Pan-India, rentals for warehousing spaces experienced an 8.3% increase, with NCR leading with a significant 12% rise over the previous 12 months. Projections suggest that the demand-supply imbalance will persist, with warehousing demand expected to reach 65-70 million square feet across India by the end of CY'23.