India's warehousing stock reaches 533.1 mn sq ft in 2024: JLL

The country’s total warehousing stock reached 533.1 million sq ft last year, with emerging tier-II and -III cities contributing approximately 100 million sq ft—a four-fold increase since 2017.

This shift signifies a fundamental change in the country's logistics landscape, aligning with the hub-and-spoke model envisioned during the implementation of the goods and services tax (GST), JLL noted in a release.

The year 2024 demonstrated robust demand across both established and emerging markets, with a combined absorption of approximately 60 million sq ft across 20 warehousing markets in India. This growth is primarily driven by the consumption boom, with 60 per cent of online purchases now originating from tier-II and -III cities.

Institutional investors and developers are capitalising on increasing purchasing power, and growing consumer aspirations in these cities by expanding their presence beyond tier-I locations, JLL added.

ALCHEMPro News Desk (DS)