印度仓储市场报告

www.knightfrank.co.in/researchMumbai HOKnight Frank (India) Pvt. Ltd.Paville House, Near Twin Towers,Off. Veer Savarkar Marg, Prabhadevi,Mumbai 400 025, IndiaTel: 022 6745 0101 / 4928 0101;BengaluruKnight Frank (India) Pvt. Ltd.First floor, Pinnacle Tower,Embassy One, # 8, Bellary Road,Ganganagar, Bengaluru- 560032,Tel: 080 6818 5600PuneKnight Frank (India) Pvt. Ltd.Unit No.701, Level 7, Pentagon Towers P4,Magarpatta City, Hadapsar,Pune 411 013, IndiaTel: 020 67491500 / 30188500;ChennaiKnight Frank (India) Pvt. Ltd.1st Floor, Centre block, Sunny Side,8/17, Shafee Mohammed Road,Nungambakkam, Chennai 600 006, IndiaTel: 044 4296 9000GurgaonKnight Frank (India) Pvt. Ltd.Office Address: 1505-1508, 15th Floor, Tower B,Signature Towers South City 1,Gurgaon 122 001, IndiaTel: 0124 4782700;HyderabadKnight Frank (India) Pvt. Ltd.Western Dallas Centre, 5th floor, Office #3,Hyderabad Knowledge City,Survey No. 83/1, Raidurg, Serilingampally Mandal,Ranga Reddy District, Telangana Hyderabad - 500032Tel: 040 44554141;KolkataKnight Frank (India) Pvt. Ltd.PS Srijan Corporate ParkUnit Number – 1202A, 12th Floor,Block – EP & GP, Plot Number - GP 2,Sector – V, Salt Lake, Kolkata 700 091, IndiaTel: 033 66521000AhmedabadKnight Frank (India) Pvt. Ltd.Unit Nos. 407 & 408, Block ‘C’, The First,B/H Keshav Baugh Party Plot,Vastrapur, Ahmedabad – 380015Tel: 079 48940259/ 40380259 ContentsWarehousing Market Analysis04Warehousing Markets11Ahmedabad12Ambala-Rajpura16Bengaluru20Bhubaneshwar24Chennai28Coimbatore32Guwahati36Hyderabad40Indore44Jaipur48Kolkata52Lucknow56Ludhiana60Mumbai64NCR68Patna72Pune76Surat80Vadodara84Vapi88Ranchi92 The Indian warehousing sector has seen significant growth, driven by economic expansion,evolving consumer demands, and the rise of manufacturing, third-party logistics (3PL), ande-commerce. In 2024, despite global economic challenges, India’s warehousing marketremained resilient, with sustained transaction volumes and strong occupier demand.A key trend has been the shift in demand dynamics. While e-commerce led during thepandemic, surplus capacities have slowed its expansion. Meanwhile, the manufacturingsector has taken center stage, benefiting from the ‘Make in India’ initiative and theProduction Linked Incentive (PLI) scheme. The entry of global giants like Apple, Samsung,and Foxconn in recent years has further strengthened India’s position as a manufacturinghub, fueling the need for warehousing infrastructure.The demand for Grade A warehouses has continued to intensify reflecting the higherdemand for efficiency and sustainability. Secondary warehousing markets, including Surat,Ambala, and Lucknow, have also gained prominence, showing the sector’s expansionbeyond metro cities.Private equity (PE) investments surged 136% year-on-year to USD 1,877 million, highlightingstrong investor confidence. Government initiatives, such as the National Logistics Policy andindustrial corridor development, have further bolstered the sector’s growth.Despite positive trends, challenges persist, including high land costs and limited availabilityof warehousing plots. While rental growth has been modest, strong occupier demandsuggests continued expansion in the coming years.This report provides an in-depth analysis of the trends, opportunities, and challengesdefining the Indian warehousing landscape while offering insights into its promising outlookfor the years to come.Foreword India Warehousing Market report3Shishir BaijalChairman and Managing Director WarehousingMarketAnalysisPrimary MarketsThe global economic environment remained complex in 2024, shaped by inflationary pressures, central bank policies,and geopolitical tensions. Inflation has eased in some economies but remains stubbornly high in others, promptingcentral banks like the US Federal Reserve and European Central Bank to go slow on lowering policy interest rates.Meanwhile, geopolitical conflicts such as the Russia-Ukraine war and tensions in the Middle East, continue to disruptenergy and supply chains. In comparison, India has navigated this turbulent environment quite well, considering thatwhile the RBI’s GDP growth forecasts of 6.6% for FY 2025 and 6.7% for FY 2026 have been revised downward, Indiacontinues to lead the large economies in terms of growth.The warehousing market has been on a similar growth trajectory with annual transaction volumes for the eight primarymarkets sustaining at the highs seen post the pandemic. Adequate supply has also come online to sustain marketvolumes. Rent levels have been stable but growth has been comparatively stickier in recent years after the significantrise seen in the immediate aftermath of the pandemic when input costs of steel and cement had risen dramatically.More significantly, while the overall volumes have sustained at highs, the demand profile of the warehousing markethas changed significantly with demand from the E-commerce players subsiding considerably due to the aggressiveexpansion during the pandemic. Consumer