Vestige Marketing Pvt Ltd, has leased 200,000 sq ft of warehousing Space in Sonepat, Haryana, two persons aware of the deal said.
According to industry experts, NCR has emerged as the most preferred destination for warehousing because of the connectivity it offers with different states.
“Clients like Vestige have enormous potential to grow in India, especially tier 2 and 3 cities, which is the immediate catchment of such businesses,” said John Thomas, group director of Realistic Realtors, which facilitated the deal. “The present situation might slow down the progress to some extent but in the longer run, it is quite positive.”
Third-party logistics and e-commerce sectors continued to drive warehousing demand, accounting for 60% of total absorption in 2020, followed by the manufacturing sector at 24%.
“Increased online commerce since the pandemic has resulted in an increase in shipping firms, driving up warehousing demand. We evaluated Sonipat to be a preferred location due to its close proximity to the national highway, KMP, and EPEexpressways,” said Surinder Suri, DGM-administration and liaison at Vestige Marketing Pvt Ltd.
The 200,000 sq ft of warehouse space has two sheds measuring 133,000 and 67,000 sq ft.
Despite unfavourable socio-economic environment, warehousing stock in the top eight cities—Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Kolkata, Hyderabad and Ahmedabad—has added 27 million sq ft to reach a total of 238 million sq ft. in 2020, as per a report by JLL.
Further, the demand is expected to grow around 160% to reach 35 million sq ft in 2021.