Mumbai tops industrial, logistics supply with 3.2 mln sq ft completions in H1 2022: reportSynopsis
Key lease transactions recorded in the city during this period included Stellar Value Chain Solutions leasing 2.50 sq ft in Millennium Logistics Park, Reliance Life Sciences leasing 2.50 lakh sq ft in Antariksh Logipark and CG Marketing leasing 1.12 lakh sq ft in Global Logistics Park. Led by expansion from 3PL occupiers, large-sized deal closures dominated space take-up during the period.
AgenciesMumbai topped the industrial & logistics space supply with 3.2 million sq ft of development completions in the first half of 2022 and saw around 2.3 million sq ft of space take-up during the period, showed a CBRE South Asia report.
Among the industry segments in Mumbai, third-party logistics firms drove leasing with a share of about 65%, followed by life sciences players with 12% and engineering & manufacturing firms with 9% share.
Key lease transactions recorded in the city during this period included Stellar Value Chain Solutions leasing 2.50 sq ft in Millennium Logistics Park, Reliance Life Sciences leasing 2.50 lakh sq ft in Antariksh Logipark and CG Marketing leasing 1.12 lakh sq ft in Global Logistics Park.
During the period, Ascendas India Trust invested around $28 million in an asset of Arshiya Group in Mumbai. Further, led by increase in demand from occupiers, rental values appreciated on a half-yearly basis by about 5-7% in Navi Mumbai – Panvel and Taloja during the first half of the year.
Led by expansion from 3PL occupiers, large-sized deal closures dominated space take-up during the period.
“While global supply chain pressures are easing, we anticipate occupiers to continue to follow ‘just-in-case’ strategies alongside ‘just-in-time’ ones to maintain agility. Increased focus on upgradation / expansion opportunities in tier I cities; new market penetration in lower tier cities and extension of local distribution networks in emerging logistics hubs are expected to drive leasing in the future,” said Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE.
The industrial and logistics sector leasing in India registered a dip of about 9% from a year ago to 12.8 million sq ft during the first half of the year. On a pan India basis, the space take-up was down by 17% on a half-yearly basis compared to 15 million sq. ft. recorded in the second half of 2021. However, the leasing activity would improve as continued land acquisition and development completions are lined up in the second half of 2022.
Overall, on a pan India basis, the sector attracted around $144 million across greenfield and brownfield assets from both global and domestic players during the first half of 2022. 
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