Chennai: Chennai has recorded a total of 3.5 million square feet of warehousing leasing activity in FY 2021, which is the highest among eight primary markets in India, according to Knight Frank India.
As per its ‘India Warehousing Market Report 2021’, the city recorded a 4 per cent YoY growth in warehouse space absorption despite the pandemic exigencies.
Chennai is also the only city amongst the top eight markets to record positive YoY growth in FY 2021. Within the city, the highest leasing activity was concentrated in the Sriperumbudur-Oragadam cluster while the primary demand driver was the 3PL category in FY 2021.
Land rates have appreciated across micro markets while rentals have remained more or less stable across the city during the last year.