Mumbai emerged as the leading warehousing market with transaction volumes of 10.3 mn sq ft in 2024. Average rents have risen, vacancy was noted at 11.5 per cent in 2024, thus keeping rental growth restrained. An estimated 62 per cent of transactions were in Grade A space at 34.71m sq ft. While manufacturing was the most prominent sector, comprising 39 per cent. of all demand. The markets of Bengaluru, Kolkata, Ahmedabad and Chennai experienced very healthy growth in transaction volumes ranging between 25-29 per cent YoY. The warehousing sector witnessed a remarkable surge in investments in 2024 with total PE investments reaching USD 1,877 mn, a significant increase of 136 per cent from USD 684 mn in 2023. This growth highlights the growing interest in the warehousing segment, driven primarily by the robust expansion of manufacturing, 3PL and e-commerce facilities, all of which are capitalising on the rise of online retail and supply chain optimisation.