Delhi NCR, Chennai lead India's H1 2026 industrial warehousing leasing at 22 million sq ft, up 12% YoY: Colliers
Colliers report shows Delhi NCR and Chennai topping Grade A warehousing leasing (45% share) as e-commerce drives over 30% of large deals; Tier-II hubs like Pune, Ahmedabad and Kolkata post 30%+ growth amid Q2 dip of 1% QoQ.
What happened
Colliers report shows Delhi NCR and Chennai leading India's industrial/warehousing leasing in H1 2026, with e-commerce driving over 30% of large transactions
Key facts
- 45% of Grade A leasing
- 22 million sq ft H1 2026
- 12% YoY growth
- 11 million sq ft Q2
- 1% QoQ decline
- 30%+ growth in Pune/Ahmedabad/Kolkata
- 200,000 sq ft large deals ~40% share
- E-commerce 30%+ of large deals
- automobile/3PL 20%+ each
Why this matters
Rising e-commerce-driven demand concentrated in Delhi NCR, Chennai, and emerging Tier-II corridors presents acquisition or partnership opportunities with regional logistics operators positioned to capture omni-channel fulfillment growth.
What to watch
- Q3 2026 QoQ leasing growth rebounding above 5% or extending negative trend
- New Grade A supply announcements in Chennai/NCR peripheries
- E-commerce festive season (Diwali/holiday) fulfillment capacity commitments
- GST/logistics policy changes affecting warehousing hub economics
- Any anchor tenant exit or major lease non-renewal in Delhi NCR/Chennai clusters
- Track Q3 2026 Colliers/CBRE/Knight Frank data for confirmation of Tier-II growth persistence vs mean reversion
- Monitor large e-commerce/3PL capex announcements (Amazon, Flipkart, Delhivery, BlackBuck) for Tier-II vs metro allocation shifts
- Watch Grade A rental trend in Delhi NCR/Chennai for signs of yield compression prompting occupier migration to Tier-II
- Flag developer land-banking news in Pune, Ahmedabad, Kolkata corridors as leading indicator of next leasing wave
- Assess REIT/institutional investor filings (Embassy, ESR, Blackstone-backed platforms) for portfolio rebalancing toward Tier-II