In a notable downturn, demand for warehouse and industrial spaces in Delhi-NCR experienced a sharp 42 per cent decline last year, attributed to a high base effect and reduced new supply, according to Colliers.

The gross leasing of Grade-A industrial and warehousing spaces saw a decrease from 8.8 million square feet in the previous year to 5.1 million square feet in 2023, newswire PTI reported quoting Colliers data.