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ANI |
Updated: 07. Nov 2022 14:33 IST
New Delhi [India]Nov 7 (ANI): Leasing among industrial and logistics businesses registered a 40 per cent growth quarter-on-quarter during the July-September quarter and 18 per cent year-on-year, according to a report by real estate consultancy firm CBRE South. Asia.
The report titled “India Market Monitor – Q3 2022” highlighted the growth, trends and dynamics across all segments of the real estate sector in India.
Among the cities, Delhi NCR and Mumbai led absorption, together accounting for a 57 percent share.
For the nine-month period this year, there were 22 million leasing activities, which were almost flat on a YoY basis. Key sectors that dominated leasing included players from the third-party logistics (50 percent), engineering and manufacturing (17 percent), retail (9 percent), e-commerce (7 percent) and FMCG (4 percent) sectors.
A total supply addition of 13 million square feet was recorded during the same period in 2022, the report said.
According to the report, holistic policy initiatives like PM GatiShakti and National Logistics Policy, among others, are expected to transform the sector and bring it up to global standards.
Anshuman Magazine, President and CEO – India, Southeast Asia, Middle East and Africa, CBRE, said: “Nearly 18 percent growth year-on-year during 9M2022 in rental activity was observed in the I&L sector on the back of festive season growth and third-party logistics players. Due to the high growth potential, we expect leasing in this sector to remain limited.”
According to Ram Chandnani, Managing Director, Advisory and Transaction Services, CBRE India: “While domestic financial conditions continued to tighten and recessionary forces in the US and EU led most agencies to cut their growth forecasts for key global economies, India remained resilient in most sectors.
Chandnani added strong leasing across Hyderabad, Delhi NCR, Mumbai and Bangalore indicates regained occupier confidence and expansion potential in the sector. (ANI)
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