CHENNAI: Industrial and warehousing space absorption in India is expected to grow by 83% to 47.7 million sq.ft. in 2021, said international property consulting firm, Savills India. The overall industrial and warehousing space stock is also expected to increase by 21% to 278 million sq. ft. in 2021 as compared with 230 million sq. ft. last year, it said. Commenting on trends, the consulting firm said, warehousing vacancies have decreased by 170 basis points from 10.2% in 2019 to 8.5% in 2020, while rental values remained stable last year across major cities, Savills said.

 

“Growing demand for cold chain, pharmaceutical warehouses, as well as growth in e-commerce and organised retail, are likely to drive warehousing demand in 2021,” said Srinivas N, Managing Director, Industrial and Logistics, Savills India.