New Delhi, Apr 23 (PTI) Demand for industrial & warehousing space declined 47 per cent in Mumbai and Pune to 17 lakh square feet in January-March this year, according to Colliers India.

Real estate consultant Colliers India said that demand for industrial & warehousing space in Mumbai declined to 10 lakh sq ft in January-March 2025 from 19 lakh square feet in the year-ago period.

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Similarly, Pune saw a 46 per cent decline in demand for industrial & warehousing space to 7 lakh sq ft from 13 lakh sq ft.

Overall, the consultant said that industrial & warehousing demand across the top eight cities remained robust.

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The gross leasing of industrial & warehousing space rose 15 per cent in January-March across top eight cities to 90 lakh sq ft from 78 lakh square feet in the year-ago period.

"The strong industrial & warehousing space uptake in the first quarter of 2025 was marked by robust demand across diverse occupier sectors," said Vijay Ganesh, Managing Director, Industrial & Logistics Services, Colliers India.

Engineering and e-commerce sectors emerged as key demand drivers, followed by 3PL (third-party logistics), with each recording close to 20 lakh sq ft of quarterly demand or more, he said.

Automobile players also picked up significant Grade A industrial & warehousing space at 13 lakh sq ft.

"These are healthy signs of overall growth, reflecting broad-based demand which aligns with domestic macro-economic indicators," Ganesh said.

The first quarter of 2025 calendar saw new supply to the tune of 94 lakh sq ft, a 16 per cent YoY (year-on-year) rise from 81 lakh square feet in the year-ago period, the consultant said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)