Cushman & Wakefield projects 50-53 million sq. ft. of logistics leasing in 2024 across major cities in India.
Leasing activity in India’s logistics and industrial (L&I) sector is poised to reach 50-53 million square feet in 2024, driven by sustained demand, according to Cushman & Wakefield’s December 24 report. In 2023, leasing across eight major cities, including Delhi-NCR, MMR, Bengaluru, and Chennai, reached 53.57 million square feet, with 41 million already recorded by October 2024.
The Production-Linked Incentive (PLI) scheme, retail expansion, and the rise of e-commerce have fueled this growth. Key drivers also include the engineering and manufacturing (E&M) sector and third-party logistics (3PL) operators, which are expected to sustain demand through 2025. Pune, Chennai, and Bengaluru continue to witness healthy leasing volumes, while other cities maintain a positive outlook.
India’s strategic role in global supply chain diversification adds to its appeal. About 800-1,000 acres of Grade-A warehouse developments are underway in cities like Mumbai and Pune, translating to 25 million sq. ft. of leasable space over the next 2-3 years, the report noted.
