Industrial and logistics sector records 22.7% YoY demand growth in Q1 2024: Savills India Hindustan Times
The industrial and logistics sector witnessed an absorption of 13.5 mn sq. ft. in Q1 2024 compared to 11.0 million sq. ft. in Q1 2023, representing 22.7% Y-o-Y growth. Tier I cities witnessed 78% of the absorption, while tier II and III cities accounted for the remaining 22%, a new report by Savills India has shown. The overall absorption during Q1 2024 is led by sustained demand from the 3PL (third party logistics) and manufacturing sectors as well as a surge in demand from the FMCG (fast moving consumer goods) sector. In addition, the uptake of manufacturing warehouses has significantly contributed to the overall absorption, the report said.
