India Industrial & Logistics Figures H1 2023
August 8, 2023 10 Minute Read
Despite global headwinds and slowdown in e-commerce leasing, I&L space take-up remained resilient in the first half of the year. Also, the half-yearly supply addition touched an all-time-high with the completion of pent up projects across cities. Below are a few broad trends observed in H1 2023:
- I&L leasing activity stood at 19.1 million sq. ft., an increase of about 35% Y-o-Y, but a marginal decline of 3% compared to H2 2022.
- Delhi-NCR, Mumbai and Chennai dominated the leasing activity; together, these cities accounted for about 60% of the overall space take-up.
- 3PL players continued to drive the leasing activity with a share of about 43%, followed by engineering & manufacturing (16%), e-commerce (9%) and retail players (9%).
- Supply addition increased by about 56% on a half-yearly basis and 78% Y-o-Y to touch 17.7 million sq. ft. during H1 2023, which is a historic peak.
- Chennai followed by Kolkata and Mumbai led supply addition, together accounting for more than half of the project completions.
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