Kolkata sees 78% jump in industrial, logistics leasing
Times of India | 17 August 2024
Kolkata: The industrial and logistics leasing in Kolkata witnessed a record 78% jump in the first half of 2024 while nationally it has witnessed a 15.7% decline. This was found by a report by leading real estate consultant CBRE South Asia. According to the report, Kolkata recorded leasing of around 3 million square feet in Jan-June 2024. Nationally, industry and logistics leasing dropped to 16.6 million square feet in H1 of 2024 while the figure was 19 million sq feet in 2023 H1.
In Jan-Jun 2024, among the industry segments in Kolkata, 3PL drove leasing with a share of about 29%, followed by engineering, manufacturing and retail.Among the key leasing transactions recorded in the city were Samsung leasing 275,000 sq ft and Style Baazar leasing 200,000 sq ft in Prospace Industrial Park, and PepsiCo leasing 155,000 sq ft in EFC Logistics Park
Pan-India, industrial and logistics leasing saw moderation across eight cities. However, a rebound in space absorption is expected in the second half of the year.
Credai Bengal president Siddharth Pansari said, “The small and medium industrial park policy of the govt (threshold reduced to 5 acres) has also helped in creating significant supply to match the demand. As per our estimates, the demand will only grow,” he added.
Merlin Group MD Saket Mohta said, “Kolkata, as the gateway to eastern India and quite a few neighbouring countries, has traditionally been a strong hub for logistics and warehousing. The sector has witnessed tremendous growth in small manufacturing units. At Merlin Group, we are also exploring options for establishing an industrial park.”