Industrial & Warehousing Sector Occupied 22.4 msf Space In H1 2023
According to a research by Savills India, the industrial and warehousing sector absorbed 22.4 million square feet (msf) in all during the first half of 2023 (H1 2023), an increase of 7% from the 20.9 msf absorbed in H1 2022. According to the research, Tier I cities accounted for 75% of all absorption in H1 2023, while Tier II and III cities provided the remaining 25%.
Absorption in Tier II and III cities increased by 22% YoY, from 4.1 msf in H1 2022 to 5 msf in H1 2023. With a share of 18% among the Tier I cities, Mumbai led the absorption, closely followed by Delhi-NCR (14%), Pune (10%), and Pune. Bangalore and Chennai both saw 9% absorption.
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Industrial & Warehousing Sector
In recent years, there has been a significant increase in demand for Grade A warehouse space and manufacturing space that is already fully equipped. Grade A space made up 53% of all absorption in India in H1 2023, a considerable rise from 36% in H1 2022 as a result of a greater focus on quality and compliance. A fresh supply of 27.4 msf was also seen in the industrial and warehousing sector between January and June of this year, an increase of 36% YoY from the 20.2 msf seen the previous year.
The absorption of the e-commerce industry decreased from 13% in H1 2022 to 3% in H1 2023. The 3PL industry experienced the most demand, rising from 37% in H1 2022 to 44% in H1 2023, while the retail sector saw a 1% decline. The manufacturing sector, which had a gain of 5% and a share of 22% in H1 2023, came in second. 13% of the overall absorption was made up by the retail industry, and 6% by the FMCG/FMCD industry.
With 40–50% of the entire demand coming from the 3PL industry, it has significantly influenced demand. The manufacturing, urban warehousing, retail, and 3PL industries are projected to make substantial contributions to the absorption. According to the research, a 2023 absorption of more than 40 msf is anticipated.
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Nearly 1,500 acres of manufacturing and warehousing property were transacted in the country in H1 2023, with 72% of those acres being used for manufacturing, 22% for warehousing, and 5% for mixed-use development. Additionally, captive consumption accounted for more than 50% of the transactions.
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