Hyderabad sees significant warehousing growth
A Knight Frank India report highlights that the city recorded a total warehousing transaction volume of 2.71 million square feet during the first half of the fiscal year 2024.
Hyderabad: Hyderabad witnessed an impressive surge in warehousing transactions during the first half of the fiscal year 2024, according to Knight Frank India report, “India Warehousing Market Report – H1 FY 2024”.
The report highlights that the city recorded a total warehousing transaction volume of 2.71 million square feet during this period. This surge constituted approximately 12 per cent of the total warehousing transactions across eight key markets in India.
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Additionally, Hyderabad experienced a healthy rental growth of 2 per cent during the six-month period spanning from March 31, 2023, to September 30, 2023, with rental rates standing at Rs 20.4 per square foot per month.
Knight Frank India’s report, which analyzes warehousing leasing and transactions in the primary eight markets of India, revealed that a total of approximately 23 million square feet of warehousing space was transacted in H1 FY 2024 (April to September 2023).
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “As the 3PL sector plays a pivotal role in the market and the manufacturing sector exhibits substantial growth over the past two years, the overall demand from occupiers has remained remarkably resilient, even considering the e-commerce sector’s cautious approach during this period.”
He added that while the global economic and geopolitical landscape is expected to exert some influence on the Indian market, it is noteworthy that the nation’s relatively robust fiscal position and resilient economy are well poised to support the stability and growth potential of the warehousing market in the remainder of fiscal year 2024.
