India expected to see increased demand of big storage spaces
With the country in lockdown, India witnessed a tremendous rise in e-commerce activity. Earlier, buyers were a little apprehensive about online shopping, however, the situation has evolved considerably. More and more people are avoiding going out to super markets to shop, despite being easing of lockdowns further driving increase in the demand of e-commerce. To meet the unexpected surge of consumers, e-commerce companies are looking for warehouse spaces.
It is predicted that many warehousing complexes are going to emerge across India in the post-COVID era. Moreover, over the next couple of years, industrial warehousing is expected to see a sunrise as (as some expect) manufacturing shifts out of China. India wants to be prepared—developers, particularly. They are building warehouses at a frantic pace, often with private equity (PE) booty.
As things stand, across eight Indian cities—NCR, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Hyderabad and Ahmedabad—quality warehousing stock totalled 211 million sq. ft in 2019. The stock is expected to rise to 253 million sq. ft this year and further to nearly 300 million sq. ft in 2021, JLL, a real estate services firm, projected.
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