Warehousing space leasing fell 29 per cent to 5.9 million sq ft and new supply declined 14 per cent to 9 million sq ft in the first quarter of this calendar year across eight major cities in the country amid coronavirus outbreak, according to JLL India.
The absorption and new supply of warehousing space stood at 8.3 million sq ft and 10.5 million sq ft, respectively, across eight cities -- Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR and Pune.
Property consultant JLL India expects limited leasing activities during the second quarter of 2020 calendar year. New supply will also get deferred because of the lockdown to control the spread of COVID-19.
However, it said that "there can be gradual revival in the demand post lockdown as leases and active requests for proposals (RFPs) that were in various stages of closure may be executed."
Disclaimer: No Business Standard Journalist was involved in creation of this content