New Delhi: Warehousing space leasing rose by 85% to 25.7 million sq feet in eight major cities during 2017, driven by high demand in Mumbai and Delhi-NCR, according to real estate advisory firm Knight Frank.
The advisory firm in a report titled ‘Knight Frank Warehousing Report 2018’ further said around $3.4 billion (Rs 22,100 crore) of institutional capital came in the warehousing sector between January 2014 and January 2018.
According to the report, the NCR attracted the highest footprint in terms of transactions in the warehousing space with leasing of 6.5 million sq feet in 2017, followed by Mumbai at 5.2 million sq feet. The report further said Mumbai recorded the largest year-on-year growth over other key Indian markets with 231% jump in warehousing space leasing in 2017, followed by NCR with 129% rise.
Bengaluru (90%), Ahmedabad (86%) and Hyderabad (68%) witnessed double digit growth. Greenfield projects attracted more than two-third of these investments followed by 27% for acquisition of completed projects.