Net absorption across India’s top eight cities rose 16.2 per cent to 49.5 million sq ft in the first nine months of 2026
India’s warehousing and industrial real estate market continued to expand in the first nine months of 2026, with net absorption across the top 8 cities rising 16.2 per cent year on year to 49.5 million sq ft, compared with 42.6 million sq ft a year earlier. Cumulative net absorption between 2021 and the first nine months of 2026 reached 266.5 million sq ft.
Peush Jain, Managing Director, Commercial Leasing and Advisory at ANAROCK Group, said growth remains concentrated in just a few markets. NCR, MMR and Pune together accounted for nearly 58 per cent of cumulative absorption, with NCR at 21.8 per cent, MMR at 18.5 per cent and Pune at 17.4 per cent. Pune has overtaken Bengaluru, which accounted for 15.1 per cent.
National average monthly warehousing rents stood at INR 28.1 per sq ft in the third quarter of 2026, up 27 per cent since 2021. NCR recorded the sharpest rise, from INR 22.2 in 2021 to INR 33 per sq ft, or 49 per cent.
The national vacancy rate stood at 7.9 per cent as of 9M 2026. Pune recorded the lowest vacancy at 6.8 per cent, while Bengaluru reported the highest at 11.5 per cent.
