NEW DELHI: Leasing of commercial and warehousing areas throughout 5 cities rose 7 per cent to 10.8 million sq. toes in January-June interval on higher demand, in response to Colliers India. The gross leasing or absorption stood at 10.1 million sq. toes within the first six months final yr in 5 main cities particularly Delhi-NCR, Mumbai, Chennai, Bengaluru and Pune.
Leasing elevated in Mumbai and Pune however fell in Bengaluru and Chennai. Absorption of commercial and warehousing area remained flat at 3 million sq. toes in Delhi-NCR.
“About 55 per cent of the gross absorption was led by third-party logistics gamers, adopted by the engineering and car sectors with a share of 12 per cent every,” Colliers India stated in an announcement.
As per the information, Bengaluru noticed 29 per cent decline in leasing actions to 1.4 million sq. toes throughout January-June 2022 from 2 million sq. toes within the corresponding interval of the earlier yr.
Leasing in Chennai fell 16 per cent to 1.7 million sq. toes from 2 million sq. toes.
Nonetheless, Mumbai noticed three-fold leap in leasing to 2.1 million sq. toes from 0.7 million sq. toes.
Absorption of areas in Pune grew 7 per cent to 2.6 million sq. toes in January-June 2022 from 2.4 million sq. toes within the year-ago interval.
Out of the whole leasing within the first half of this yr, Delhi-NCR accounted for max 28 per cent share, adopted by Pune with 24 per cent share in demand.
“Third-Occasion Logistics gamers proceed to dominate demand within the first half of this yr and the development is anticipated to proceed within the subsequent few quarters as effectively,” stated Shyam Arumugam, managing director, Industrial and Logistics Providers, Colliers India.
He stated enquiries for warehousing areas have elevated in Tier II cities as key gamers are strengthening their last-mile supply provide chain to be proximate to clients.
On provide, Colliers India stated that it fell 24 per cent to 11.8 million sq. toes in January-June 2022 from 15.6 million sq. toes within the year-ago interval.
In Bengaluru, provide rose by 73 per cent to 1.2 million sq. toes from 0.7 million sq. toes.
Chennai noticed 11 per cent rise in provide to 2.2 million sq. toes from 2 million sq. toes.
Provide in Pune went up 42 per cent to 1.5 million sq. toes from 1.1 million sq. toes. Nonetheless, provide in Delhi-NCR declined 47 per cent to five.1 million sq. toes from 9.5 million sq. toes.
Mumbai witnessed 21 per cent fall in provide to 1.8 million sq. toes in January-June 2022 from 2.3 million sq. toes within the year-ago interval.
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