Bengaluru Sees 68% Surge in Industrial and Logistics Leasing: CBRE Report
Bengaluru records significant growth in industrial and logistics leasing, with 3PL driving the sector, according to CBRE's latest report.
Industrial And Logistics LeasingBengaluruCbreReal EstateIndiaReal EstateAug 24, 2024
The total leasing activity in the city stood at 3.4 million sq. ft. during the first half of 2024, up from 2 million sq. ft. in the corresponding period last year. The supply of industrial and logistics space also saw a significant increase, with 3.2 million sq. ft. being added to the market between January and June this year.
The report highlights that 3PL (third-party logistics) drove leasing activity in Bengaluru, accounting for approximately 54% of the total space take-up, followed by ecommerce (13%) and retail (10%). Some of the key leasing transactions in the city include VRL Logistics leasing 3 lakh square feet for a warehouse, Blinkit taking up 3 lakh square feet in Sumadhura Logistics Park, and DHL leasing 1.96 lakh sq. ft. for a warehouse.
Apart from Bengaluru, Delhi-NCR and Kolkata were the other major hubs that dominated leasing activity, cumulatively accounting for almost 58% of the overall space take-up in H1 2024.
Frequently Asked Questions
What was the total leasing activity in Bengaluru between January and June this year?
3.4 million sq. ft.
Which sector drove leasing activity in Bengaluru?
3PL (third-party logistics)
What was the supply of industrial and logistics space in Bengaluru between January and June this year?
3.2 million sq. ft.
Which cities dominated leasing activity apart from Bengaluru?
Delhi-NCR and Kolkata
What is the outlook for the I&L sector in the second half of the year?
Optimistic, driven by increased demand, entry of new market players, and availability of high-quality supply.
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