The first nine months of 2024 saw a 17% annual growth in industrial & warehousing demand, registering 20.2 million sq feet of leasing across the top five cities of the country. Led by healthy leasing activity and improved developer confidence, the period saw new supply of 21.6 million sq feet, a 29% rise YoY. While 3PL players will continue to dominate the overall leasing activity, demand from Engineering and Fast-Moving Consumer Goods (FMCG) segments will gain further prominence, resulting in their combined demand share rising to 30-35% in 2024. Similar to the diversification in the office market, the broadening of occupier base is likely to propel Grade A warehousing space demand to 25-30 million sq feet in 2024. Almost half of the leasing activity is expected to come from Delhi NCR and Chennai.
YEAR 2024 WITNESSED A SIGNIFICANT SHIFT TOWARDS SUSTAINABLE CONSTRUCTION AND GREEN PROJECTS. IN ADDITION, THE ADOPTION OF PROPTECH BECAME EVEN STRONGER THIS YEAR, TRANSFORMING THE WAY PROPERTIES ARE BOUGHT, SOLD, AND MANAGED BY REALTY FIRMS.
