'Leasing of industrial & warehousing space up 9% in 5 cities in Jan-Sept'

New Delhi: Leasing of industrial and warehousing space rose 9 per cent during January-September to 17.5 million square feet across five cities on better demand, according to Colliers India. The gross leasing stood at 16 million square feet across five major cities in the year-ago period. As per the data, the leasing of industrial and warehousing space in Bengaluru rose 2 per cent to 2.3 million square feet in January-September from 2.2 million square feet in the year-ago period.

Chennai saw a 31 per cent decline in leasing to 2.2 million square feet from 3.1 million square feet. The leasing of industrial and warehousing in Delhi-NCR rose 42 per cent to 6.8 million square feet in January-September from 4.8 million square feet a year ago. In Mumbai, the leasing went up by 39 per cent to 2.6 million square feet from 1.9 million square feet.

Leasing of industrial and warehousing space in Pune fell 11 per cent to 3.6 million square feet during January-September from 4 million square feet in the corresponding period of the previous year. Colliers India noted that third-party logistics players (3PLs) remained the top occupiers of warehousing space, contributing to over half of the total demand. Improved retail market sentiment amid the festive season and higher online spending continue to support warehousing growth and is expected to add to short-term demand addition. Tauru road and Luhari remained the most active micro-markets in Delhi-NCR, while Chakan-Talegaon continued to attract industrial occupiers in Pune. "Continued leasing momentum is expected in the warehousing segment with various retail clients in active discussion to consolidate their footprints in large-size mega distribution centres," said Shyam Arumugam, Managing Director, Industrial & Logistics Services, Colliers India.