Warehousing and logistics absorption rises 8% in H1 2024
WAREHOUSING & LOGISTICS

Warehousing and logistics absorption rises 8% in H1 2024

The first half of 2024 witnessed an 8% increase in warehousing and logistics absorption, reaching 16.6 million sq ft, compared to the same period last year, according to a report by Vestian, a US-headquartered workplace solutions firm. However, this figure marks a 26% decline from the second half of 2023, primarily due to a substantial 74% drop in absorption in the NCR region.

Mumbai and Pune led the way, accounting for 63% of the total absorption in the first half of 2024, with southern cities like Bengaluru, Chennai, and Hyderabad contributing 29%. Notably, Mumbai's share surged from 25% in H1 2023 to 41% in H1 2024, fuelled by the growing demand for grade-A warehouses in areas such as Bhiwandi, Panvel, Uran, Taloja, and Ambernath. Meanwhile, NCR's share plummeted from 31% to just 6% during the same period.

Third-party logistics companies dominated the absorption market with a 39% share in H1 2024, up from 26% in H1 2023. The engineering, manufacturing, automobiles and auto components sectors also saw significant gains, with their shares increasing from 16% and 4% in H1 2023 to 22% and 9% in H1 2024, respectively. The sector attracted investments totalling $1.6 billion in H1 2024, making up 42% of the total institutional investment in the real estate sector. (TOI)

The first half of 2024 witnessed an 8% increase in warehousing and logistics absorption, reaching 16.6 million sq ft, compared to the same period last year, according to a report by Vestian, a US-headquartered workplace solutions firm. However, this figure marks a 26% decline from the second half of 2023, primarily due to a substantial 74% drop in absorption in the NCR region. Mumbai and Pune led the way, accounting for 63% of the total absorption in the first half of 2024, with southern cities like Bengaluru, Chennai, and Hyderabad contributing 29%. Notably, Mumbai's share surged from 25% in H1 2023 to 41% in H1 2024, fuelled by the growing demand for grade-A warehouses in areas such as Bhiwandi, Panvel, Uran, Taloja, and Ambernath. Meanwhile, NCR's share plummeted from 31% to just 6% during the same period. Third-party logistics companies dominated the absorption market with a 39% share in H1 2024, up from 26% in H1 2023. The engineering, manufacturing, automobiles and auto components sectors also saw significant gains, with their shares increasing from 16% and 4% in H1 2023 to 22% and 9% in H1 2024, respectively. The sector attracted investments totalling $1.6 billion in H1 2024, making up 42% of the total institutional investment in the real estate sector. (TOI)

Next Story
Infrastructure Urban

Andhra Pradesh to Develop 30,000 Women-Led Enterprises by 2025

The Municipal Administration and Urban Development (MAUD) Department is accelerating efforts to create sustainable livelihoods for women in urban areas, in line with Chief Minister Nara Chandrababu Naidu’s goal of fostering one lakh women entrepreneurs by 2025. Under this initiative, the MAUD Department has set a target to establish 30,000 women-led enterprises across towns and cities in Andhra Pradesh. To support this vision, the department plans to establish Micro, Small & Medium Enterprises (MSMEs) for women in TIDCO housing complexes. Vacant plots across 163 colonies have been earmarked ..

Next Story
Infrastructure Energy

G Kishan Reddy discusses mining expansion, clearances with Chhattisgarh CM

Coal and Mines Minister G Kishan Reddy met Chhattisgarh CM Vishnu Deo Sai on Friday to expedite land acquisition and environmental clearances for mining projects. Reddy, who was on a two-day visit to review operations at South Eastern Coalfields Ltd (SECL), discussed measures to boost mining-led economic growth in the state. Key topics included speeding up land acquisition for mine expansions, obtaining quicker environmental approvals, and setting up integrated rehabilitation and resettlement sites. The minister also highlighted the importance of developing critical minerals in the region, alo..

Next Story
Infrastructure Urban

NITI Aayog's Vision for India's Auto Industry

NITI Aayog has launched the report titled "Automotive Industry: Powering India’s Participation in Global Value Chains," offering a roadmap for the country’s automotive future. Released by Shri Suman Bery, Vice Chairman, the report outlines key strategies to grow India’s automotive sector to $145 bn in component production by 2030. India is currently the fourth-largest automobile producer globally, but with only a modest three per cent share in the global automotive component market. The report emphasises the need to strengthen India’s position through competitive manufacturing, skill d..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?