The warehousing industry is seeing significant growth in India, driven by rising consumer demand, the expansion of e-commerce, and investment in manufacturing, with cumulative supply expected to reach 516 million sq ft by 2026. Mumbai, Pune, and Delhi showed the highest demand during H1 2021, with a total of 15 million sq ft of net absorption. Logistics and industrial sectors remained resilient post-pandemic and are expected to pick up pace in H2 2021, with increasing upward rental bias in select markets.
In the first half of the year, net absorption or new leases stood at 15 million sq ft in the top eight cities of India. In terms of demand for warehousing, Mumbai, Pune and Delhi-NCR emerged as the top three locations in terms of demand during this period.
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The countrys top 8 markets have experienced a historic high in demand, reaching 51.3 million sq ft in 2022-23 and taking the compounded annual growth rate (CAGR) to 24% between 2016-17 and 2022-23, showed data from Knight Frank India. Notably, Mumbai, Bengaluru, and Kolkata witnessed a historically high volume of transactions in 2022-23.
The fund will add 10-12 million square feet of new projects, taking Welspun One’s total portfolio to 16-18 million square feet over the next 4-5 years.