Property consultant JLL India facilitated AllCargo Logistics, which is a part of Avvashya Group, in leasing about 3 million sq ft warehousing space.
The deal will enable setting up of warehousing facilities for a large e-commerce retailer and a multi-national sports goods retailer.
"The warehousing and logistics sector in the country continues to perform strongly. Riding on a maturity curve, the sector has been witnessing investments from developers and potential big occupier companies across sectors with a long-term view.
The deal reflects the growing appetite of stakeholders looking at the sector with hope. This said, there is a need to develop more and more quality warehousing facilities in the country," said Ramesh Nair, CEO & Country Head, JLL India.
The company's developments across these cities are of highest standards and are able to meet the requirements of international as well as domestic companies operating at large scale, said Shashi Kiran Shetty, chairman of AllCargo Logistics.
Overall warehouse leasing has increased to 36.4 million sq ft in 2019 from 31.8 million sq ft during 2018.
Going forward, the absorption is expected to be strong in near to medium term primarily driven by Grade A spaces. The supply of Grade A warehouses have also increased to 22.5 million sq ft in the same period as against 18.6 million sq ft in the last year.
The US-based JLL is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company with annual revenue of USD 16.3 billion, JLL operates in over 80 countries with a global workforce of more than 93,000. In India, JLL has presence across 10 major cities with a cumulative strength of close to 12,000 professionals. MJH SHWSHW