Chennai warehousing market records healthy leasing of 3.4 mn sq ft in FY2020: Knight Frank India
‘ India Warehousing Market Report 2020’ report launched by Knight Frank India Chennai, 2 nd July, 2020 : In FY2020, Chennai saw a healthy warehouse leasing activity of 3.4 mn sq ft, according to the ‘ India Warehousing Market Report 2020 ’ report launched by Knight Frank India , a global real estate consultancy. The warehousing asset class in Chennai has witnessed a robust compounded annual growth rate (CAGR) of 22% for the period FY2017-2020. In FY2020, the manufacturing industry accounted for more than half i.e. 53% of all warehousing transactions. Inevitably, this resulted in a spike in activity in the Sriperumbudur – Oragadam cluster, a remarkable 67% of the overall FY 2020 transactions, as it is the hub of manufacturing in Chennai. According to the report, Chennai has a development potential multiple of 2.02 amongst the top eight cities in India . The current stock is reported to be 24 mn sq ft with a potential of expansion to 49 mn sq ft on the comm...