Logistics sector to touch 38 mn. Sq. ft. in 2023: Report

Industrial & Logistics (I&L) sector is likely to touch a 5-year high absorption mark and touch 36 to 38 mn. sq. ft. in 2023 across top 8 cities in India, says CBRE South Asia in its latest report – India Market Monitor Q3 2023. Supply addition, too, is expected to outperform, touching 35 – 37 mn. sq. ft. by the year-end, driven by the completion of pent-up projects. The leasing in the I&L sector grew by 13% Y-o-Y in the Jan-Sep’23 period. The total absorption across the top 8 Indian cities stood at 27.3 mn. sq. ft, compared to 24.2 mn. sq. ft. in Jan-Sep’22. Mumbai, Chennai, and Delhi-NCR collectively accounted for a share of 56% in the leasing activity during the Jan-Sep’23 period, the report adds.