Industrial And Logistics Leasing In Bengaluru Jumps 68% In January-June 2024
The supply for the first half of 2024 was 3.2 million square feet.
According to a report released on Friday by a real estate consulting firm, the Bengaluru saw a 68% increase in industrial and logistics leasing from January to June this year.
The report, titled 'CBRE Industrial & Logistics Figures H1 2024,' revealed that total leasing during this period reached 3.4 million square feet, up from 2 million square feet in the same timeframe last year. The supply for the first half of 2024 was 3.2 million square feet.
The report also highlighted that in Bengaluru, the third-party logistics sector led leasing activity, accounting for about 54% of the total. This was followed by e-commerce at 13% and retail at 10%.
The key leasing transactions recorded in the city were made by VRL Logistics (leasing of 3 lakh square feet for warehouse), Blinkit (leasing of 3 lakh square feet in Sumadhura Logistics Park) and DHL (1.96 lakh square feet for warehouse), it said.
According to the report, apart from Bengaluru, Delhi-NCR and Kolkata dominated the leasing activity – the three cumulatively accounting for almost 58% of the overall space take-up in H1 2024.
"We anticipate (in the second half) a resurgence in leasing activity driven by a combination of factors, including increased demand from diverse sectors, the entry of new market players, and the availability of high-quality supply. These positive developments collectively contribute to an optimistic outlook for the I&L sector," said Anshuman Magazine, chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE.
(With Inputs From PTI)
