Leverage Intelligence

Grade A
India Warehousing Report
Q4 CY2022

March 2023
Fundamentals Demand & Supply
Demand Supply
2022 Annual Demand (msf) 32.5
40 36.3
35 32.5
2022 Annual Supply (msf) 20.6
30 26.5
Q4 CY2022 Demand (msf) 6.2 22.9
25 23.1

Mn. Sq.ft.
20.6
20 18.9
Q4 CY2022 Supply (msf) 5.1 16.6
14.8
15
Current Pan-India Stock (msf) 149.6 10.1 10.0
10
6.0 7.8
Vacancy 8.9% 5
3.9

0
Wt. Avg. In-Place Rentals CY2 016 CY2 017 CY2 018 CY2 019 CY2 020 CY2 021 CY2 022
23.6
(on Chargeable area)(₹/sqft/month)

1.6x
PAN INDIA

CY2022 Demand Delhi-NCR & Pune

vs CY2022 Supply
contributed

13.9%
CY2022 Demand 56%
vs Average Demand in to Q4 CY2022 Demand
last 3Yrs (CY2019-21)

Passing Rent & Vacancy 50%

to Q4 CY2022 Supply
Passing Rent ^ (On C hargeable Area) Vacancy (%)

30 30%

25.4%
25%
22.1%
25
23.6 Sectors Trending
18.3% 22.7 20%
21.9
Vacancy (%)
₹/ sqft / month

17.3% Grade A Warehouse Leasing - CY2022

20 21.1 15%
20.4 20.6
20.1 12.1%
28%

10.3%
18%
10%

13%

17%

6%
5%

3%

8.9% 10%
15
0% 20% 40% 60% 80% 100%
5%
3PL E-Com merce
Retail Automotive
Manufacturing Others
10 0%
Electrical/Elec tronics Pharma/Life S cienc es
16 17 18 19 20 21 22
20 20 20 20 20 20 20
CY CY CY CY CY CY CY
Note : ^ Passing Rent = Wt. Avg. lease rent paid by all active tenants Note : Others include sectors such as IT/ITes, Telecom, Trading
as of that Year in the region

1
CRE Matrix | Grade A India Warehousing Quarterly Report – Q4 CY2022
Fundamentals Demand & Supply
Demand Supply
2022 Annual Demand (msf) 9.6
14 13.3

2022 Annual Supply (msf) 5.8

12

9.6 9.6
10
Q4 CY2022 Demand (msf) 1.7
8.2

Mn. Sq.ft.
7.7
8
6.2
Q4 CY2022 Supply (msf) 1.3 5.8
6
4.6
4 3.5 3.8
Current Stock (msf) 47.3

2
Vacancy 9.8%
0
Wt. Avg. In-Place Rentals CY2 018 CY2 019 CY2 020 CY2 021 CY2 022
22.9
(on Chargeable area)(₹/sqft/month)

1.6x Key Transactions

DELHI-NCR

Ecom Express,
CY2022 Demand Welspun Warehouse (Khalikpur),
vs CY2022 Supply Badli
3,09,414 sqft | ₹19

2.3%Change in Vacancy
Schenker,
Indospace Industries & Logistics Park,
Badli,
2,69,900 sqft | ₹16
Q4 CY2022 vs Q3 CY2022
Decathlon,
CCI Logistics & Industrial Park,
Bilaspur
2,13,598 sqft | ₹21
Passing Rent & Vacancy
Brainbess Solutions,
Indospace Logistics Park Luhari III,
Passing Rent ^ (On C hargeable Area) Vacancy (%)
Luhari
30 18% 1,86,863 sqft | ₹18
15.4% 16%
14.1%
14%
25
11.5%
12.1% Sectors Trending
22.9 12%
₹/ sqft / month

Vacancy (%)

Grade A Warehouse Leasing - CY2022

9.8%
21.6 22.3 10%
20
20.3
8%
19.6
33%

24%

10%
11%

6%
8%

7%
1%

6%
15
4% 0% 20% 40% 60% 80% 100%
3PL E-Com merce
2%
Retail Automotive
Manufacturing Others
10 0%
Electrical/Elec tronics Pharma/Life S cienc es
18 19 20 21 22
20 20 20 20 20
CY CY CY CY CY
Note : ^ Passing Rent = Wt. Avg. lease rent paid by all active tenants Note : Others include sectors such as IT/ITes, Telecom, Trading
as of that Year in the region

2
CRE Matrix | Grade A India Warehousing Quarterly Report – Q4 CY2022
Fundamentals Demand & Supply
Demand Supply
2022 Annual Demand (msf) 6.3
8
6.7
2022 Annual Supply (msf) 2.9 7
6.3
5.9
6 5.3 5.3
Q4 CY2022 Demand (msf) 1.6
5

Mn. Sq.ft.
4.0
4
Q4 CY2022 Supply (msf) 1.1 3.4
2.8 2.9
3 2.6

Current Stock (msf) 29.2 2

1
Vacancy 10.2%
0
Wt. Avg. In-Place Rentals CY2 018 CY2 019 CY2 020 CY2 021 CY2 022
27.6
(on Carpet Area)(₹/sqft/month)

5.7%
Key Transactions
(On Carpet Area)

Rhenus Contract Logistics ,

CY2022 Demand K Square,
MMR

vs CY2022 Demand Bhiwandi

2,71,370 sqft | ₹28

2.1x
CY2022 Demand
Mahindra Logistics,
AllCargo Logistics Park,
Uran
vs CY2022 Supply 2,07,361 sqft | ₹25

Ecom Express,
Welspun One Logistics Park,
Bhiwandi
1,18,954 sqft | ₹31
Passing Rent & Vacancy
Carboline,
Passing Rent ^ (On C arpet Area) Vacancy (%) ESR Lodha Industrial & Logistics Park,
Taloja
1,08,815 sqft | ₹32
30 25%
27.6
20.9%

24.1
25.4
20% Sectors Trending
25
16.6%
Vacancy (%)

Grade A Warehouse Leasing - CY2022

₹/ sqft / month

21.5 15.5%
15%
22.9
20 11.6%
10.2%
50%

12%

11%
2%

6%
8%

4%
7%

10%

15 0% 20% 40% 60% 80% 100%

5%
3PL E-Com merce
Retail Automotive
Manufacturing Others
10 0%
Electrical/Elec tronics Pharma/Life S cienc es
18 19 20 21 22
20 20 20 20 20
CY CY CY CY CY
Note : ^ Passing Rent = Wt. Avg. lease rent paid by all active tenants Note : Others include sectors such as IT/ITes, Telecom, Trading
as of that Year in the region

3
CRE Matrix | Grade A India Warehousing Quarterly Report – Q4 CY2022
Fundamentals Demand & Supply
Demand Supply
2022 Annual Demand (msf) 8.5
9 8.5

8
2022 Annual Supply (msf) 4.5
6.8
7

Q4 CY2022 Demand (msf) 1.8 6

Mn. Sq.ft.
5 4.5
Q4 CY2022 Supply (msf) 1.3 4 3.4 3.3
3.1 3.1
3 2.6
Current Stock (msf) 21.7 1.6
2
1.2
1
Vacancy 6.5%
0
Wt. Avg. In-Place Rentals CY2 018 CY2 019 CY2 020 CY2 021 CY2 022
27.4
(on Carpet Area)(₹/sqft/month)

25% CY2022 Demand

Key Transactions
Brain Bees Solutions,
vs CY2022 Demand Global Vital Infra,
PUNE

Khed
3,36,281 sqft | ₹19

45%
CY2022 Supply
Motherson Automotive,
Biradvadi,
Khed
vs CY2022 Supply 2,13,969 sqft | ₹30

Tractors and Farm Equipment,

KSH Multimodal Industrial Park,
Chakan
1,35,007 sqft | ₹35
Passing Rent & Vacancy
Atmosberg,
Passing Rent ^ (On Chargeable Area) Vac ancy (%) Hinjewadi Plot 15,
Hinjewadi
30 25%
1,08,892 sqft | ₹31
28.5 28.5
28.2
20.1% 27.4 20%
27.4
Sectors Trending
15.0%
Vacancy (%)
₹/ sqft / month

15% Grade A Warehouse Leasing - CY2022

12.8%
1%

25
9.3%
10%
34%

28%
17%

6%
5%

4%
5%

6.5%
5% 0% 20% 40% 60% 80% 100%
3PL E-Com merce
Retail Automotive
20 0% Manufacturing Others
0 21 2 Electrical/Elec tronics Pharma/Life S cienc es
18 19 02 02
20 20 2 20 2
CY CY CY CY CY
Note : ^ Passing Rent = Wt. Avg. lease rent paid by all active tenants Note : Others include sectors such as IT/ITes, Telecom, Trading
as of that Year in the region

4
CRE Matrix | Grade A India Warehousing Quarterly Report – Q4 CY2022
Fundamentals Demand & Supply
Demand Supply
2022 Annual Demand (msf) 3.9
6

2022 Annual Supply (msf) 3.1 4.8

5

3.9
Q4 CY2022 Demand (msf) 0.3 4

3.0 3.1
3 2.5
Q4 CY2022 Supply (msf) 0.4 2.3 2.3

Mn.Sq.ft.
2
1.9
1.6
1.4
Current Stock (msf) 21.4
1
Vacancy 5.0%
0
Wt. Avg. In-Place Rentals CY2 018 CY2 019 CY2 020 CY2 021 CY2 022
22.8
(on Carpet Area)(₹/sqft/month)

19% Key Transactions

BENGALURU

Instakart,
CY2022 Demand Kacherkanahalli
vs CY2021 Demand Hoskote
2,02,120 sqft | ₹22

21% CY2022 Supply

Yuto Printing & Packaging,
Spaceart Urban Warehouse,
Anekal
1,60,000 sqft | ₹25
vs CY2021 Supply
Daeheung R&T India
Tokai Rubber Auto Parts,
Kanapura Road
1,39,856 sqft | ₹26
Passing Rent & Vacancy
DHL,
Indospace Logistics Park,
Passing Rent (On Chargeable Area) Vacancy (%) Anekal
68,874 sqft | ₹21
30 10%
9.1%
9%
8.2%
8%
Sectors Trending
25 7.1% 22.8
7% Grade A Warehouse Leasing - CY2022
₹/ sqft / month

21.2 21.5
6%
1%
Vacancy (%)

19.8 5.0%
20 19.2 4.6% 5%
39%
31%
11%

5%

5%
5%
3%

4%

3%
15 0% 20% 40% 60% 80% 100%
2%
3PL E-Com merce
1% Retail Automotive
Manufacturing Others
10 0%
Electrical/Elec tronics Pharma/Life S cienc es
18 19 02
0 21 02
2
20 20 2 20 2
CY CY CY CY CY
Note : ^ Passing Rent = Wt. Avg. lease rent paid by all active tenants Note : Others include sectors such as IT/ITes, Telecom, Trading
as of that Year in the region

5
CRE Matrix | Grade A India Warehousing Quarterly Report – Q4 CY2022
Fundamentals Demand & Supply
Demand Supply
2022 Annual Demand (msf) 2.1 6
5.3

2022 Annual Supply (msf) 2.8 5

4
Q4 CY2022 Demand (msf) 0.3 3.4 3.4
3.4
3 2.8
Q4 CY2022 Supply (msf) 0.6 2.2

Mn. Sq.ft.
2.1 2.1
2

Current Stock (msf) 19.3 1.1

0.9
1

Vacancy 9.7%
0
Wt. Avg. In-Place Rentals CY2 018 CY2 019 CY2 020 CY2 021 CY2 022
25.8
(on Carpet Area)(₹/sqft/month)

3% Key Transactions
CHENNAI

DHL,
CY2022 Passing Rent Kuthambakkam,
vs CY2021 Passing Poonamallee
Rent 2,17,653 sqft | ₹23

15.9%
CY2022 Supply
Jost India Auto Component,
Greenbase Industrial & Logistics Park,
Oragadam
1,94,702 sqft | ₹26
vs CY2021 Supply
Honda Cars India,
Ascendas Firstspace Industrial Park,
Panapakkam
1,59,358 sqft | ₹16
Passing Rent & Vacancy
Uplus Technology,
Casa Grand Industrial & Logistics Park,
Passing Rent (On Chargeable Area) Vacancy (%) Pollivakkam
89,694 sqft | ₹21
30 45%

38.7% 40%
25.1
25.8 Sectors Trending
35%
25
23.4 Grade A Warehouse Leasing - CY2022
22.5 30%
21.8
₹/ sqft / month

1%
Vacancy (%)

26.3% 25%
20
40%

20%
19%

17%
9%

9%
5%

15%
15 9.7% 10% 0% 20% 40% 60% 80% 100%
5.6% 6.9% 3PL E-Com merce
5% Retail Automotive
10 0% Manufacturing Others
Electrical/Elec tronics Pharma/Life S cienc es
18 19 02
0 21 02
2
20 20 2 20 2
CY CY CY CY CY
Note : ^ Passing Rent = Wt. Avg. lease rent paid by all active tenants Note : Others include sectors such as IT/ITes, Telecom, Trading
as of that Year in the region

6
CRE Matrix | Grade A India Warehousing Quarterly Report – Q4 CY2022
Fundamentals Demand & Supply
Demand Supply
2022 Annual Demand (msf) 2.0
3

2022 Annual Supply (msf) 1.5

2.0 2.0
2
Q4 CY2022 Demand (msf) 0.5 1.7
1.4 1.4 1.5
1.4
Q4 CY2022 Supply (msf) 0.4

Mn. Sq.ft.
1.1
1
Current Stock (msf) 10.4 0.5

Vacancy 10.7% 0.0

0
Wt. Avg. In-Place Rentals CY2 018 CY2 019 CY2 020 CY2 021 CY2 022
19.3
(on Carpet Area)(₹/sqft/month)

1.8%
HYDERABAD
Key Transactions
Hindustan Unilever,
CY2022 Demand Elemental Warehouse,
vs CY2021 Demand Nandigama
2,11,026 sqft | ₹18

11%
CY2022 Supply
Brain Bees Solution,
JCK Horizon Industrial Park,
Kothur
vs CY2021 Supply 1,49,064 sqft | ₹19

Expeditors,
Medchal Plot,
Medchal
60,000 sqft | ₹17
Passing Rent & Vacancy
Thermo Fischer Scientific,
Allcargo Logistics & Industrial Park,
Passing Rent (On Chargeable Area) Vacancy (%)
Ramachandrapuram
31,594 sqft | ₹19
30 28.3% 30%
27.1%
23.0% 25% Sectors Trending
25
Grade A Warehouse Leasing - CY2022
20%
₹/ sqft / month

17.5%
2%
Vacancy (%)

20 19.3 15%
48%

23%

10%

6%
4%

4%
3%

17.6 10.7%
16.1 16.3 10%
15.8
15 0% 20% 40% 60% 80% 100%
5% 3PL E-Com merce
Retail Automotive
Manufacturing Others
10 0%
Electrical/Elec tronics Pharma/Life S cienc es
18 19 02
0 21 02
2
20 20 2 20 2
CY CY CY CY CY
Note : ^ Passing Rent = Wt. Avg. lease rent paid by all active tenants Note : Others include sectors such as IT/ITes, Telecom, Trading
as of that Year in the region

7
CRE Matrix | Grade A India Warehousing Quarterly Report – Q4 CY2022
Authors
Pranav Bhalla
Head - Research & Consulting
pranav@crematrix.com

Abhishek Tiwari
Co-founder
abhishek@crematrix.com

Abhishek Kiran Gupta

CEO & Co-founder
abhishekkirangupta@crematrix.com

About us

CRE Matrix
India’s most trusted source for complete real estate
intelligence, CRE Matrix has developed proprietary
algorithms that relentlessly provide up-to-date
information and enable deep data analytics across
sectors and geographies. CRE Matrix’s clients include some
of the largest real estate developers, coworking players,
retailers, property consultants and financial institutions.

www.crematrix.com

IndexTap info@crematrix.com
IndexTap, a product by CRE Matrix, is India’s largest and
most authentic platform that provides comparable +91 9820312065
transactions data across residential, commercial and loan
transactions. IndexTap deploys sophisticated algorithms to
empower brokers, buyers and sellers.

1203, 12th Floor, Lodha

CRE Lease Matrix
CRE Lease Matrix is a cloud-based Lease Management and
Asset Management platform developed by CRE Matrix after
experience of abstracting more than 2 Lakh leases in the
commercial real estate space. The product offers Lease
abstraction solutions, Inventory Management, Document
Management & Invoicing for management of your
commercial real estate portfolio or leases. Users can track
Critical dates, create Revenue-Expense reports, configure
Alerts on renewals, notices, escalations etc. CRE Lease
Matrix ensures error-free lease management by
transforming your data sitting in silos in excel into properly
reviewed rule based tables.
Supremus Saki Vihar Rd,
Powai, Mumbai 400 072
Copyright © 2023 CRE Matrix
Information and data within this report were obtained
from sources deemed to be reliable. No warranty or
representation is made to guarantee its accuracy. No
responsibility is assumed for any inaccuracies. Readers
are encouraged to consult their professional advisors
prior to acting on any of the material contained in this
report.