India's Green Warehousing Sector To Grow Fourfold By 2030: JLL
India's green warehousing transformation is driven by not only institutional investor-backed developers but also by corporate occupiers or tenants.
The green warehousing sector is set to expand fourfold from 65 million sq. ft. last year to 270 million sq. ft by 2030, according to commercial real estate and investment management firm JLL.
Green warehouses are facilities that are designed keeping in mind and minimising the environmental impact. The research report — India's sustainable warehousing landscape: a greenprint — was released by JLL on Wednesday to give an outlook for exponential growth of green warehouses in India.
The analysis also pinpoints to institutional investors being key drivers of this green transformation, "with more than 45% of the current 90 million sq. ft institutional portfolio already certified under LEED, GRIHA, IGBC or similar standards".
"In just five years (since 2019), India has witnessed a remarkable transformation in its warehousing landscape. Since 2019, Grade A warehousing stock across India's major cities has expanded dramatically, growing 2.5 times from 88 million sq. ft to an impressive 238 million sq. ft by 2024," the report said.
"This growth reflects the increasing demand for high-quality storage and distribution facilities as India's economy modernizes, and e-commerce continues its rapid expansion," it said.
Moreover, it highlights the growing trust of global investors into Indian markets based on the tripling of institutional-grade warehousing space, which was 28 million sq. ft in 2019 and stands at 90 million sq. ft as of 2024.
"India's green warehousing transformation is driven by not only institutional investor-backed developers but also by corporate occupiers or tenants," said Yogesh Shevade, head of industrial and logistics at JLL India, said. "The net zero goals of most corporates are leading them to choose warehouses that are green certified."
