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Despite a relatively slower growth during H1 2023, leasing activity picked up in Q3 2023, registering a 55% QoQ growth.
The demand for warehousing in India has exceeded supply by 1.4 times during the first half of 2023, according to a study by CREDAI-CRE Matrix. The country's Grade-A Warehousing stock has reached 163 million sq ft, with 9.4 million sq ft added during this period. The Mumbai Metropolitan Region and NCR accounted for half of the new supply, while 54% of the demand came from organizations in MMR and Pune.
Warehousing Demand: The demand for warehousing in India has exceeded supply by 1.4 times during the first half of 2023, according to a study by CREDAI-CRE Matrix. The country's Grade-A Warehousing stock has reached 163 million sq ft, with 9.4 million sq ft added during this period. The Mumbai Metropolitan Region and NCR accounted for half of the new supply, while 54% of the demand came from organizations in MMR and Pune.
The demand for industrial and warehousing properties in the top five Indian cities has remained steady in the first half of 2023, with 11 million square feet of leasing, similar to last year's figures. Delhi NCR led demand, followed by Mumbai. The Indian industrial and warehousing sector is thriving, buoyed by increased capital investments, manufacturing output and favourable government policies, while the 3PL sector accounts for 37% of total leasing volume.
Following the investment in ILP IV, the CPP Investments and IndoSpace partnership will exceed $1 billion in assets. This is the latest venture between CPP Investments and IndoSpace