Warehousing Rent Is Highest In Mumbai At Rs 27 Per Square Foot: Report
The Mumbai Metropolitan Region has the highest average warehousing rent of Rs 27 per square foot (sp. ft) among the top seven cities, according to a study. Hyderabad has the lowest at Rs 20 per sq. ft.
The report by the Confederation of Real Estate Developers' Associations of India (CREDAI) and property consultants Anarock said the top seven cities witnessed more than 160 million sq. ft of Grade A warehouse leasing.
The highest leasing demand was in the Mumbai Metropolitan Region (MMR) and Pune, followed by Bangalore, Chennai and Hyderabad, accounting for 32 per cent of the overall leasing volumes.
Of the top 10 micro markets, Bhiwandi, Chakan and Panvel/Taloja dominate Grade A warehousing space leasing with 41 per cent share.
Third Party logistics (3PL), e-commerce and manufacturing and automotive accounted for a 78 per cent share of warehouse leasing space across seven cities. Third Party Logistics has the highest leasing space share at 42 per cent.
The study further noted that the warehousing segment presents an investment opportunity of about $3.8 billion shortly.
The sector at present has an investor commitment of $900 million. There is a latent investment opportunity of a further $2.8 billion, and much of this funding will need to target Grade A warehousing facilities, Shobhit Agarwal, Managing Director & Chief Executive Officer of Anarock Capital, said in the report.
"India will need to create adequate supply to meet an absorption of approximately 223 million sq. ft of Grade A warehousing demand over the next three years," the report said.
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