Warehousing and Logistics Sector Review 2023

Our annual edition, ‘Warehousing and Logistics Sector Review’, provides an in-depth analysis of the warehousing and logistics sector across the top seven cities of India.

The sector witnessed robust absorption of 37.8 Mn sq ft in 2023, registering an annual increase of 21%. The growth was particularly evident in the second half of 2023 with 22.4 Mn sq ft of absorption, after registering a growth of 45% over H1 2023.

Key Highlights:

  • 3PL industry dominated the absorption in 2023 with 44% share, followed by Engineering & Manufacturing (18%) and the retail sector (11%).
  • Weighted average rental values remained largely range-bound in 2023, supported by strong demand throughout the year.
  • Institutional investments declined by 65% in 2023 over the previous year as investors opted for a wait-and-watch approach amid global macroeconomic uncertainty.
  • Mumbai commanded the highest share, around 27%, of the total absorption during 2023, up from 19% a year ago. The city reported the highest absorption of 10.2 Mn sq ft in 2023, witnessing the highest yearly increase of 69% amongst the top seven cities.
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