Industrial & logistics leasing hits all-time high in 2024 at 39.5 m sq ft across eight cities: CBRE report

January 30, 2025
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Leasing in industrial & logistics reached a peak of 39.5 million sq ft in CY 2024 across the top eight cities. This is supported by a robust supply addition of 38.6 million sq ft during 2024, says real estate consulting firm CBRE South Asia Pvt Ltd in its report, ‘CBRE Industrial & Logistics Figures H2 2024.’ The report highlighted the strong leasing momentum witnessed by the I&L sector.

Delhi-NCR, Bengaluru, and Kolkata accounted for almost 60 per cent of the leasing activity during the year. Mumbai, Chennai, and Bengaluru emerged as the key contributors to supply addition, collectively accounting for over half of the total supply in CY2024.

The I&L space take-up was predominantly steered by the third-party logistics (3PL) players, accounting for 41 per cent share in the overall leasing activity in CY 2024. Engineering and manufacturing firms also remained active, registering a space take-up share of 18 per cent during the year.

The report said that the majority of space uptaken in 2024 was led by small-sized transactions (under 50,000 sq ft), representing 43 per cent of the total leasing volume. Medium-sized transactions (50,000–1,00,000 sq ft) and large-sized transactions (exceeding 1,00,000 sq ft) each accounted for 28 per cent of the overall absorption.

Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said, the growth in the I&L sector highlights its resilience, even amidst global economic uncertainties. “We expect the in-city warehousing and quick-commerce concept to become even more significant in 2025. Delhi-NCR, Kolkata, and Bengaluru are anticipated to lead the absorption activity in 2025,” he said.

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