India's I&L space leasing jumps by 39% to 28 mn sq. ft. in 2021: CBRE

07 Mar '22

1 min read

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India’s industrial and logistics (I&L) sector witnessed a sharp rebound last year, with continued demand from third-party logistics (3PL) and e-commerce players and completion of investment-grade developments, according to US-based global commercial real estate services and investment company CBRE.

I&L space take-up accelerated, rising by about 39 per cent year on year (YoY) to cross 28 million sq. ft. 3PL firms accounted for more than 40 per cent of leasing activity in 2021.

That sector was followed by e-commerce, engineering and manufacturing, and retail players, a CBRE note said.

Bangalore and Delhi-National Capital Region (NCR) dominated leasing activity; together, these cities accounted for more than 44 per cent of the overall space take-up in 2021.

Supply addition rose by 38 per cent YoY to touch 27 million sq. ft. during the year; development completions by prominent domestic and global organized developers grew from 24 per cent in 2020 to 40 per cent in 2021.

Delhi-NCR and Chennai drove supply addition, accounting for about 56 per cent of project completions.

ALCHEMPro News Desk (DS)

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