Research

India | 2024

jll.co.in

Exploring India’s thriving

logistics and warehouse
landscape
Contents
01
India Logistics Sector 05

02
Warehouse Market Dynamics in India, 2023 08
Yearly Growth of Warehousing Stock 08
Warehouse Net Absorption 10
Rents in India 12
Shift in Sectoral Share (2022 vs 2023) 13
Warehousing Market Performance
in Top 8 Tier 1 Cities, 2023 14

03
Shaping Up of Logistics & Warehousing
Sector in India 16
National Logistics Policy 16
Comparative State Logistics Policy
(Only w.r.t states corresponding to
Tier 1 cities) 18
Other Infrastructure Initiatives 21

04
Future outlook 22

3
Exploring India’s Thriving Logistics and Warehousing Landscape

Preface
The logistics industry in India has undergone a remarkable evolution in recent years, transitioning from a
traditionally unorganized and asset-heavy sector to a more streamlined and efficient operational model.
This is driven by key factors such as the implementation of GST, improved infrastructure, and the growing
adoption of automation technologies. These transformative changes have not only improved logistics
efficiency but also spurred a significant restructuring and consolidation of warehousing portfolios for
more streamlined supply chain operations.

In this report titled “Exploring India’s Thriving Logistics and Warehousing Landscape”, we delve into the
comprehensive analysis of the warehousing sector across top eight cities of India.

India’s warehousing sector experienced a remarkable growth in 2023, with a notable year-on-year
increase of 15% in the total warehousing stock across Grade A and B spaces, reaching a total of 371
million sq ft. The three largest cities, Delhi NCR, Mumbai, and Bengaluru, accounted for more than half of
the warehousing stock. India witnessed a net demand of 40 million sq.ft. of warehousing space in 2023,
with approximately 70% of this demand concentrated in Grade A properties. The changing dynamics
of demand have seen the dominance of 3PL and logistics sector, while manufacturing, retail, and FMCG
sectors have also made significant contributions.

Recognizing the immense potential of the logistics and warehousing sector, the Indian government has
prioritized initiatives to bolster its growth. These notable initiatives include the National Logistics Policy,
state logistics policies, PM Gati Shakti, National Infrastructure Pipeline, and Dedicated Freight Corridors
(DFCs). These strategic endeavors are aimed at embracing digitization, increasing logistics efficiency, and
fostering the development of standardized warehousing spaces.

This report offers an insightful glimpse into the Indian Logistics

and Warehousing Market. It reveals a promising outlook for the
industry, which is poised for robust growth as the economy
rebounds from the pandemic’s impact. The industry is expected
to experience a sustained growth driven by evolving consumer
demands, the expanding presence of 3PL companies, and
increased traction in manufacturing sectors.

Yogesh Shevade
Head of Logistics & Industrial, India

4
Exploring India’s Thriving Logistics and Warehousing Landscape

01 India’s logistics industry has undergone significant

changes in recent years due to factors like GST

India implementation, improved road infrastructure,

and increased automation. These changes

logistics sector
have boosted logistics efficiency and led to
a shift towards companies restructuring and
consolidating their warehousing portfolios for
more effective supply chain operations. This has
resulted in a growing demand for larger, Grade A
warehouses tailored to meet the specific needs of
logistics businesses.

5
Exploring India’s Thriving Logistics and Warehousing Landscape

Post GST Post COVID

1950 – 1990 1990 - 2005 2005 – 2016
(2017 – 2020) (2020 – Till Date)

Early Growth Consolidation

• Processes like • Internal integration & better coordination • Greater external integration
purchasing, within the company functions
• Companies focus on core competencies &
warehousing,
• Individual contracts given for transporting, outsource logistics requirements to 3PL Players
packaging
storage, forwarding, etc.
& inventory • World class warehouses, higher automation
management • Shift from ‘godowns’ to
handled separately functional warehouses

• Not much
coordination
between functions

Economy opened • Entry of multiple • Entry of • Investment in WH by • During COVID, there

up & MNCs’ entry small & medium multiple foreign institutional - PE was a massive
demanded higher logistics logistics players immediate growth in
• Govt. impetus
service levels in service providers e-commerce sector
• Competitive on improving
logistics operations
• Growth in pressure to logistics infrastructure • National Logistics
industrialization enhance Policy aims to integrate,
• Enhanced operational
& trade service quality optimize, standardize,
efficiencies
modernize, & formalize
• Increased • Consolidation through optimization
the logistics sector
containerization & among
• Growth of e-commerce
standardization service providers • Infrastructure
modernization &
• Increased focus on • Enhanced
expansion as a
PP projects service outsourcing
part of National
Infrastructure Pipeline

Segmented functions Integrated service Customer focus Logistics infrastructure as a differentiator

Primary function Logistics has Logistics function Logistics is a crucial factor in a company’s strategy
of distribution of transitioned from not only to minimize and serves as a key differentiator. Market dynamics
goods through physical distribution cost but also to are anticipated to change with the consolidation of
transportation to a collaborative maximize profits & supply chain networks by major industry players.
& storage. working system. more importantly, to Going forward, the primary focus for users will be to
satisfy the customer. reduce logistics costs.

Mature
• Strategic focus on reducing cost redundancies • Move towards 4PLs & 7PLs

• Supply chain management • Majorly Grade A warehouses

• Global operations

6
Exploring India’s Thriving Logistics and Warehousing Landscape

The Government’s initiatives to strengthen the logistics sector, including the introduction of policies,
digital systems, and effective monitoring methods, have resulted in substantial progress for India. Over the
past eight years, the country has climbed sixteen places in the Logistics Performance Index (LPI), rising
from 54th in 2014 to 38th in 2023.

The objective is to reduce logistics costs from 13% to 8% of GDP, aiming for a 40% reduction
within five years.

7
Exploring India’s Thriving Logistics and Warehousing Landscape

02 Yearly Growth of Warehousing Stock

In 2023, India witnessed a 15% y-o-y growth in
Warehouse total stock in Grade A & B warehousing space in
the top eight cities1. The overall warehousing

market dynamics space stands at 371 mn sq. ft. at the end of 2023
compared to 329 mn sq. ft. in 2022. Interestingly,

in India, 2023
Grade A stock in India stood at 187 mn
sqft translating to a 5-year CAGR of 23%.
Among the eight major cities, more than half
of the warehousing stock is contributed by the
country’s three largest cities including Delhi NCR,
Mumbai, and Bengaluru.

Top 8 Cities include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata,

1

Mumbai, NCR Delhi, Pune

8
Exploring India’s Thriving Logistics and Warehousing Landscape

Figure 1
India Warehousing Stock in Top 8 Cities2 (mn sq ft)

Warehouse Space (mn sq ft)

400 371

350 329

300 288
184
238
250 168
211
200
153 ~595
169 mn sq ft
135
150 123 by 2027
104
100 188
161
134
50 88 103
66
0
2018 2019 2020 2021 2022 2023

Grade A Grade B
2
Top 8 Cities include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi and Pune 1

Source: JLL Logistics & Industrial

2
Top 8 Cities include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi and Pune 1

9
Exploring India’s Thriving Logistics and Warehousing Landscape

Warehouse Net Absorption3

The warehousing sector has shown robust This shows a shift in occupiers’ preference towards
recovery in 2021 and significant growth in the quality spaces due to adherence to additional
subsequent years. The year 2023 witnessed a net hygiene and safety norms during COVID-19.
demand of 40 mn sq ft with ~70% of the demand
observed in Grade A space.

Figure 2
India Warehousing Stock in Top 8 Cities4 (mn sq ft)

Warehouse Space (mn sq ft)

45
41 40
39
40
36
35 32 9 13 12
30
16
25 14 22

20
10
15 30
28 27
10 20
18
12
5

0
2018 2019 2020 2021 2022 2023

Grade A Grade B

Source: JLL Logistics & Industrial

Warehouse Gross Absorption5 and Net Absorption in 2023 is

57 mn sq ft and 40 mn sq ft

Net Absorption is the warehouse space occupied excluding renewals & churning
3

Top 8 Cities include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi and Pune
4

Gross Absorption is the total warehouse space occupied including renewals and churnings
5

10
Exploring India’s Thriving Logistics and Warehousing Landscape

With the increasing demand in the market, there is a marginal dip in overall vacancy reaching 15% in 2023,
which is expected to reach 8% in 2027. The Grade A vacancy has witnessed a significant dip from 7% in
2022 to 5% in 2023 and is projected to hover below 5% in 2027 due to strong demand for quality and
compliant spaces.

Figure 3
Vacancy (%) in India Warehouse Market in Top 8 Cities6

Vacancy (%)
20%
18%
16% 15% 15% 15%
14%
12% 11%
9% 9%
10%
10%
8% 9% 9%
6% 8%
7%
4% 5%
2%
0%
2018 2019 2020 2021 2022 2023

Grade A Grade B

Source: JLL Logistics & Industrial

Top 8 Cities include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi and Pune
6

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Exploring India’s Thriving Logistics and Warehousing Landscape

Rents in India
After the slow growth in the rent over the past 5 years, the rents have witnessed correction in the years
2022 and 2023 due to increasing land prices and construction costs. The overall rent increased with a
6% y-o-y growth rate from 2021 to 2023.

Figure 4

30 35
28 24 25 25
23 25 28 28
25 22
21 25 21 20 20
19 24 24 22 22
21 22
20 21 25
19 17 20
16 22 18 19
20 21 20
18 19 18 19
16 17 16 16 17
14 15
Grade A

Grade A

Grade A

Grade A

Grade A

Grade A

Grade A
Grade B

Grade A
Grade B

Grade B

Grade B

Grade B

Grade B

Grade B
Grade B

Ahmedabad Bengaluru Chennai Hyderabad Kolkata Mumbai NCR Delhi Pune

Source: JLL Logistics & Industrial

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Exploring India’s Thriving Logistics and Warehousing Landscape

Shift in Sectoral Share (2022 vs 2023)

Figure 5

36% 3 PL/logistics 41% 3 PL/logistics

05% Auto & ancillaries 09% Auto & ancillaries
24% e-Commerce
03% e-Commerce
06% Electronics & white goods
2019 - 2021 07% Electronics & white goods
10% Engineering
2022 - 2023
13% Engineering
04% FMCG
04% FMCG
08% Retail
10% Retail
07% Others
13% Others

Source: JLL Logistics & Industrial

3PL/Logistics has remained the largest segment Space demand due to E-Commerce has gained
based on warehousing space demand over the traction in the last few years due to a behavioral
years. The other significant contributors to the shift from making offline purchases to online.
demand in 2023 are manufacturing sectors, COVID-19 accelerated e-Commerce adoption in
including Engineering and Auto and ancillaries 2020-2021, leading to an increase in demand for
as manufacturing demand revived post-COVID online delivery of essential and non-essential
lockdown, as well as increasing the Government’s items. as e-commerce penetration has increased
focus on this sector through policies such as over the years. However, the demand from
Make in India. Demand from Retail and FMCG e-commerce has cooled since 2022, having met
sectors has remained consistent in 2023 with a surge in demand during COVID lockdown.
with the increasing disposable incomes and
consumption-led demand.

13
Exploring India’s Thriving Logistics and Warehousing Landscape

Warehousing Market Performance in Top 8 Tier 1 Cities, 2023

Delhi NCR
Ahmedabad
88.7 6.7
18.8 2.0 mn sq ft mn sq ft
mn sq ft mn sq ft Total stock Absorption
Total stock Absorption

Mumbai Kolkata
65.4 6.7 35.9 4.4
mn sq ft mn sq ft mn sq ft mn sq ft
Total stock Absorption Total stock Absorption

Pune
Hyderabad
46.4 7.9
mn sq ft mn sq ft 27.0 2.2
Total stock Absorption mn sq ft mn sq ft
Total stock Absorption

Bengaluru Chennai
48.9 4.1 39.9 5.8
mn sq ft mn sq ft mn sq ft mn sq ft
Total stock Absorption Total stock Absorption

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Exploring India’s Thriving Logistics and Warehousing Landscape

Figure 6
Stock distribution across India & Vacancy

100 40%
89

80
25% 30%
65
19% 17%
60 14% 56
49 16%
46
18% 20%
40
36 44
40 10%
26 12
12 27
19 13
10% 14 10%
20 28 34
7% 8% 33
8 23 6% 22 6%
23 1% 5%
11 2% 13
2%
- 0%
Ahmedabad Bengaluru Chennai Hyderabad Kolkata Mumbai NCR Delhi Pune

Grade A Stock Grade B Stock Grade A Vacancy Grade B Vacancy

Source: JLL Logistics & Industrial

15
Exploring India’s Thriving Logistics and Warehousing Landscape

03 National Logistics Policy

The overarching lighthouse for logistics
Shaping up infrastructure in the country unveiled on 17th
September 2022, was drafted to provide a unified

of logistics & policy environment and an integrated institutional

mechanism for developing the logistics sector.

warehousing
sector in India

16
Exploring India’s Thriving Logistics and Warehousing Landscape

A Developer – Occupier Impact Perception of the Policy:

Key Focus Aim of the Policy Impact

Digitisation Intervention for time efficiency, Developer: Develop digitally compliant spaces with in-house
accurate - time tracking and Command Centre
procedural compliances through Occupier: Plan for centrally - controlled Warehousing
E - tolling, electronic documentation, and Cargo Movement
digital verification

E-marketplace Digital platform for MSME * to Developer: Increased potential customer base from MSME
provide single-window certification, Occupier: Medium/Small investors avail organised space at
transparent price recovery, and the delivery point
direct access to consumers,
barring intermediaries

E-commerce Emphasis on E-commerce and 3PL Developer: As demand spreads to Tier II and Tier III cities,
Logistics sectors for first/last mile connectivity developers can consider taking up speculative positions.
by strengthening transportation/ Occupier: Bring in efficiency in cargo movement and reduced dwell
storage infrastructure, multi-modal time in inter and intra-state movement
facilities, standardising logistics chain

Comprehensive Dedicated Logistics Wing under Developer: Sectoral consolidation leading to the development of
Implementation Ministry, Integrated National Big - Box warehousing that escalates the demand for competent
Plan Logistics Action Plan and composite developers in the organised warehousing space
development plan amongst various Occupier: Shifting to Big - box development enabling environment
Ministries and State Governments for driving efficiency and reliability with increased logistics
efficiency and minimising transit losses

Impetus International best practices and Developer: Need to develop facilities compliant to handle partial/
to Development formation of Centre for Trade full automation and robotic technology on the infra-logistics front
Facilitation and Logistics Excellence Occupier: Easy access to modern technology and compliant
for removal of bottlenecks in the real estate assets
overall logistics value chain

Warehousing Promoting organised and Developer: Opportunity would open up in specialised storage like
special focus standardised warehousing space agri-cargo storage, cold storage, air cargo, etc. Growth in investible
with modem facilities and services is assets for funding and development for future expansion
focused on capacity augmentation Occupier: Possibility of getting ready-built spaces with desired
specifications conveniently etc

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Exploring India’s Thriving Logistics and Warehousing Landscape

Comparative State Logistics Policy (Only w.r.t states corresponding to Tier 1 cities)
Aligned to the National Logistics policy, around 23 Here is a comparative matrix of key features in
states/ UTs have developed their respective State some of the key states’ respective State Logistics
Logistics Policy. Policies that host the Tier 1 cities.

State Policy Institutional Regulatory support, Fiscal support Enabling Logistics Infrastructure Others
Mechanism and Technology Enablement
Gujarat Gujarat Logistics Policy • ICT tracking & monitoring Development and augmentation of Promote Skill
Integrated Cellinvestor • Reimbursement of stamp duty logistics facilities, truck terminals, Development,
Logistics and Facilitation • Patent assistance etc.; Private sector participation Robotics and
Logistics Portal dedicated • Exemption of electricity duty through various PPP models. automation in
Parks Policy 2021 for Logistics • Quality certification subsidy material handling ,
cargo transportation,
etc., Block Chain
& Al integration,
green technologies

Kamataka Karnataka Empowered group • Reimbursement of fixed capital MMLP development, Dry Skill Development for
Logistics on Logistics investment & interest on term loan Ports, FTWZs , etc. logistics personnel
Policy2018 and Investment • Net SGST and land conversion
Facilitation Cell fee reimbursement
• Fiscal incentives for logistics
infrastructure projects on PPP and
private development
• Exemption of tax on
electricity consumption
• Stamp duty & registration
charges concession
• Development of CoE for Logistics

Maharashtra Maharashtra Single • 200% additional FSI Develop Logistics Clusters, Skill Development for
Logistics Park Window (Floor Space Index) 25 Integrated MMLPs, promote logistics personnel
Policy - 2018 Clearance • Higher ground coverage min. 100 Logistics parks
• Relaxation on zone &
height restrictions
• Modification of labour laws to
promote automation

Tamil Nadu State Logistics Yes Logistics Development: Skill Development for
Plan& Policy • Earmarking land within industrial logistics personnel
parks for logistics activities
• Augmenting state government
warehousing assets
through modernization and
mechanization via PPP

Note:
Gujarat, Karnataka, Maharashtra are formulated and Tamil Nadu is (Under draft stage and yet to be notified)
Maharashtra logistic status is Industry
Gujarat, Karnataka, Maharashtra has Grievance Redressal System

18
Exploring India’s Thriving Logistics and Warehousing Landscape

Haryana Logistics, Haryana Logistic • Minimum area norms for • 5 integrated logistics parks Skill
Warehousing andWarehousing warehouses, logistics parks, • Logistics parks and warehousing Development
& Retail Facilitation Cell integrated logistics parks complexes in every district for logistics
Policy - 2019 • Development control norms • Spatial planning of logistic hubs personnel,
• Special incentives through Haryana • 50% area coverage under Green Logistics,
Enterprise Promotion Board (HEPB) transport & communication R & D adoption
• Financial assistance on fixed zones for warehouses and & Upgradation
capital investment logistic infrastructure
• Interest subvention schemes • Scheme for truck
• Warehouse support scheme terminal development
• CLU (Change of Land Use)
charges relaxation
• Stamp duty refund
• Quality certification subsidy

Telangana Telangana • 35% interest subsidy on 1200 acres for logistics Skill Development for
State construction loans development(ICDs/Dry Ports logistics personnel,
Logistics • Capital subsidy for integrated and integrated logisticsparks Green Logistics
Guidelines logistics park development development, MMLPs,
2021-26 • Exemption of development charges IntegratedLogistics parks)
• Incentives for cold chain through PPP and private
infrastructure development development promotion
• Reimbursement for purchase of high-
capacity commercial fleet

Uttar Pradesh Uttar Pradesh Single • Green channel for EXIM Cargo Development of FTWZs, Promote green
Logistics & window • 5% capital interest subsidy Logistics Zones, Encourage logistics, solar
Warehousing clearance • Infrastructure interest subsidy private participation powered
Policy - 2018 • Reimbursement of stamp duty logistics park,
• Exemption of electricity duty Skill Development
• Incentives on transport
vehicle purchase
• 50% concession on CLU
• Incentives on skill development and
intelligent logistics
• Quality certification subsidy

West Bengal West Bengal Single window • Redrafting development guidelines Logistics Master Plan, Promote PPP Investment in logistic
Logistics Park service with relaxation partnership, private participation infrastructure -
Development WB Logistics • Incentives to be made in consultation in logistics infrastructure, facilitation and
and Promotion Park Committee with WBLPC (West Bengal Logistics Development of Logistics Parks on Incentivization Skill
Policy 2018 Promotion Council) identified Industrial corridors Development for
logistics personnel,
Sustainable practices
on objective basis

Rajasthan State Logistics, Center of excellence

Warehousing and Skill Development for
Logistics Park logistics personnel
Policy 2022

Note:
Haryana, Telangana, Uttar Pradesh is formulated, West Bengal is (Under draft stage and yet to be notified) and Rajasthan is Under formulation stage
Haryana logistic status is Industry and Uttar Pradesh logistic status is Infrastructure & Industry
Haryana, Telangana, Uttar Pradesh and West Bengal has Grievance Redressal System

19
Exploring India’s Thriving Logistics and Warehousing Landscape

Key takeaways from the State Logistics Policies

Institutional Mechanism Status Offered to Logistics

Regulatory Support, Fiscal Support Grievances Redressal System

and Technology Enablement Measures

Logistics Infrastructure Enablers Encouragement in Technology,

AI and Sustainability

20
Exploring India’s Thriving Logistics and Warehousing Landscape

Other Infrastructure Initiatives

Project Status and Timeline:

PM Gati Shakti
A digital platform to integrate 16 Ministries, including
Railways and Roadways, for coordinated implementation
of infrastructure connectivity projects

National Infrastructure Pipeline

Currently, it has 8,964 projects with a total investment
of more than INR 108 Lakh Crores under different stages
of implementation

Bharatmala Program
Phase 1 is under implementation which includes 9,000 km
of economic corridors, 6,000 km of
inter-corridors & feeder roads

Sagarmala Program
Out of the proposed 802 projects, 181 projects are
completed, rest are under implementation

Multi-Modal Logistic Parks

Out of the proposed 35 MMLPs, 2 are awarded, 1 is under
evaluation, 1 is at bidding stage and the rest 30 are at the
stage of feasibility study
Industrial and Dedicated Freight Corridors
11 Industrial Corridors have been approved for development
in 4 phases, out of which 2 are under implementation and
rest are in the stage of perspective plan formulation
Project Status & Timeline of proposed 6 DFCs:
• Western DFC: To be developed by 2026
• Eastern DFC: To be developed by 2031 in 2 phases
• East – West and East Coast DFCs: To be developed by 2031
• North – South DFC: To be developed by 2051 in 2 phases

Green Energy Corridors

Out of the proposed 9,767 km of corridors, 8,696 km has
already been constructed

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Exploring India’s Thriving Logistics and Warehousing Landscape

Future outlook
As the Indian economy rebounds strongly The logistics and warehousing sector in India have
from the impact of the pandemic, the logistics increased traction from institutional developers
and warehousing industry is poised for robust and investors actively seeking investment
growth driven by evolving consumer demand, opportunities. This has highlighted the potential
the expanding presence of 3PL companies, and for Real Estate Investment Trust (REIT)
increased traction in manufacturing sectors. investments in the sector.

Over the next three years, the warehouse stock in With the implementation of the National Logistics
India is projected to experience a CAGR of 12%, Policy, states aligning their logistic policies, and
reaching 595 mn sq ft by 2027. The Grade A infrastructure initiatives such as PM Gati Shakti,
stock is anticipated to witness a CAGR of 16%, National Infrastructure Pipeline, DFCs, Industrial
reaching 345 mn sq ft by 2027. The growing Corridors, etc., India is well-positioned to
preference among occupiers for superior-quality strengthen further its logistics and warehousing
spaces contributes to a consistent reduction in sector, driving efficiency and sustainability in the
Grade A vacancy rates and an upward trajectory in broader economy.
rental prices. Grade A vacancy rates are predicted
to steadily decline to less than 5% in the
next three years.

22
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Business enquiries About JLL

Yogesh Shevade For over 200 years, JLL (NYSE: JLL), a leading global
Head - Logistics & Industrial commercial real estate and investment management
India company, has helped clients buy, build, occupy,
[email protected] manage and invest in a variety of commercial, industrial,
hotel, residential and retail properties. A Fortune 500®
company with annual revenue of $20.9 billion and
operations in over 80 countries around the world,
Research authors
our more than 105,000 employees bring the power
of a global platform combined with local expertise.
Sujash Bera Charmy Shah
Driven by our purpose to shape the future of real estate
Senior Director Assistant Manager
for a better world, we help our clients, people and
Logistics & Industrial Logistics & Industrial
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Incorporated. For further information, visit jll.com.

Acknowledgement
We acknowledge the strategic inputs from Chandranath Dey, Aritra Das and Logistics & Industrial city transaction
team for the on-ground transaction validation, technical updates and critical inputs provided by them.

This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics
discussed, which are inherently unpredictable. It has been based on sources we believe to be reliable, but we have not independently verified
those sources and we do not guarantee that the information in the report is accurate or complete. Any views expressed in the report reflect
our judgment at this date and are subject to change without notice. Statements that are forward-looking involve known and unknown risks
and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements. Advice we
give to clients in particular situations may differ from the views expressed in this report. No investment or other business decisions should be
made based solely on the views expressed in this report.

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