Cargo Breaking News
Leasing of industrial and warehousing spaces rose by 23 per cent annually in January-March this year to 135 lakh square feet across 19 major tier I, II and III cities of the country on demand from third-party logistics players and manufacturers, according to Savills India. Real estate consultant Savills India on Thursday released the data on demand for industrial and logistics spaces. The year started on an impressive note, with a strong absorption or leasing of 13.5 million (135 lakh) square feet in January-March 2024 compared to 11 million (110 lakh) square feet in the year-ago period.
Tier I cities witnessed 78 per cent of the absorption, while tier II and III cities accounted for the remaining 22 per cent.
Leasing of industrial and warehousing spaces in Tier I cities increased 25 per cent to 10.5 million (105 lakh square feet) during January-March 2024 from 8.4 (84 lakh square feet) in the year-ago period. Tier II and III cities witnessed a 20 per cent growth to 3 million (30 lakh) square feet from 2.5 million (25 lakh) square feet.
