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Logistics, warehousing space leasing up 50% in H1: CBRE
The leasing of industrial and warehousing space rose 50 per cent in January-June at 7.3 million sqft in eight cities and absorption may touch an all-time high in 2017 on positive sentiments after GST rollout, according to a study.
Sustained demand in western corridors of Hyd, Bhiwandi in Mumbai
New Delhi : The leasing of industrial and warehousing space rose 50 per cent in January-June at 7.3 million sqft in eight cities and absorption may touch an all-time high in 2017 on positive sentiments after GST rollout, according to a study.
Property consultant CBRE, in its report ‘India Industrial and Logistics MarketView, H1 2017,’ said that the companies from third party logistics, engineering, manufacturing and FMCG sectors contributed about 75 per cent of the leasing.
as compared to the second half of 2016. Bengaluru, Delhi-NCR and Chennai were the preferred markets for leasing space. Mumbai’s share was 13 per cent of the total leasing in first half of 2017, while Kolkata, Ahmedabad, Hyderabad and Pune constituted 23 per cent of the demand.
The deal size rose to 65,000 sqft during January-June 2017 from about 50,000 sqft in second half of 2016. The number of transaction above 2 lakh sqft also doubled during the period under review.
“Sustained demand coupled with limited quality supply led to a steep appreciation in rentals (11-13 per cent) in micro- markets like Ghaziabad, Kundli/Murthal in Delhi-NCR, western corridors of Hyderabad and Bhiwandi in Mumbai,” the report said, adding that rentals dipped in Chennai on higher supply. The consultant projected that rentals in select micro- markets would rise on strong demand.
“The leasing activity continued to witness strong growth during the first half of 2017, as close to 7.3 million sq ft was leased across cities.
The transaction activity grew by almost 50 per cent when compared to H2 2016,” CBRE said. Among the prominent deals during January-June period, LP Logistics leased about 2 lakh sqft in Bhiwandi, Mumbai, Honda Two-Wheelers 1.9 lakh sqft in
Bengaluru.
