Representative image for a warehouse.
Credit: iStock Photo
Bengaluru: Warehouse transactions across the top eight Indian markets reached 14.65 million square feet (msf) in this year’s July to September quarter (Q3 2024) reflecting a 20 per cent year-on-year (YoY) growth, according to a report by global property consultancy Knight Frank India out on Tuesday.
The manufacturing sector outperformed the third-party logistics (3PL) sector in leasing volume, which marks a shift as the latter has traditionally dominated the Indian warehousing market.
Manufacturing accounted for 37 per cent of total transactions in Q3. The third party players ranked second, contributing 31 per cent.
Year-to-date (YTD) transaction volumes reached a total of 37.54 msf in the first nine months of 2024, marking a 4 per cent YoY increase.
Pune, the leading market, accounted for 23 per cent of the total warehousing volume, driven primarily by the 3PL sector. NCR was second representing 13 per cent.
Bengaluru saw an 11 per cent YoY dip for Q3, while Hyderabad and Mumbai also saw reductions. The other five cities saw growth.