# Delhi logistics vacancy forecast to remain below 15% through 2030

- **Source:** Real Estate Asia
- **Published:** 2026-08-24T23:16:36.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/industrial/news/delhi-logistics-vacancy-forecast-remain-below-15-through-2030
- **Topics:** Commercial & Industrial, Investment & Capital Markets

## Featured rationale

Infrastructure investment and resilient e-commerce and 3PL demand may absorb speculative supply, supporting projected rental growth of 4-5% in the coming quarters.

## AI summary

NCR Delhi's logistics vacancy is forecast to remain below 15% through 2030, despite rising from 19.5% in 2025 to 20.4% in H1 2026.

## Original article

E-commerce growth and rising 3PL demand will support absorption.

NCR Delhi's logistics and warehousing vacancy rate is forecast to remain below 15% through 2030 as infrastructure investment, e-commerce growth and rising third-party logistics demand support absorption, according to JLL.

The outlook comes despite vacancy rising to 20.4% in the first half of 2026 from 19.5% in 2025, as speculative supply outpaced demand. JLL said the increase is expected to be temporary, with demand for quality logistics facilities strengthening and existing vacant space expected to be absorbed in coming quarters.

The market recorded 3.7 million sq ft of net absorption in H1 2026, down 10% year-on-year amid global geopolitical uncertainty. JLL said the underlying demand remained resilient and expects the impact of geopolitical issues to be temporary.

Delhi-NH8 and Ghaziabad-Noida were the leading clusters for absorption, benefiting from their strategic positions along the Western and Eastern Dedicated Freight Corridors. By occupier segment, third-party logistics companies accounted for the largest share of take-up, followed by manufacturing and consumer-led sectors, JLL said.

New supply increased 18.4% year-on-year to 5.8 million sq ft in H1 2026. Delhi-NH8 led completions, supported by land availability, followed by Ghaziabad-Noida and Sonipat-Hassangarh. JLL said the new projects are strengthening NCR Delhi's logistics infrastructure capacity.

Warehousing rents rose about 2% year-on-year to INR 23.2 per sq ft per month. With demand increasingly focused on higher-quality facilities and institutional investor interest growing, JLL expects rental growth of 4-5% in the coming quarters.

Land price appreciation also supported asset values. Capital values increased 3.1% year-on-year in H1 2026, while market yields compressed by 10 basis points to 7.7%, according to JLL. The brokerage said the movements point to strengthening asset valuations and investor confidence in the logistics sector.

Looking ahead, JLL projects NCR Delhi's warehousing stock will exceed 120 million sq ft by the end of 2026, driven primarily by Grade A developments and institutional investment. Delhi-NH8 is expected to remain particularly active, supported by the Western Dedicated Freight Corridor.

JLL also highlighted the impact of major infrastructure initiatives including the Delhi-Mumbai Industrial Corridor, Western Dedicated Freight Corridor and Eastern Dedicated Freight Corridor. Improved connectivity to western and eastern India, combined with continued expansion in e-commerce and 3PL activity, is expected to underpin logistics demand and drive the vacancy rate below 15% through 2030.

## Chinese translation

> Translation model: grok_cli

### 预计至2030年德里物流空置率将维持在15%以下

预计至2030年，德里国家首都圈（NCR Delhi）物流及仓储空置率将维持在15%以下，受基础设施投资、电商增长以及不断上升的第三方

电商增长和第三方物流（3PL）需求上升将支撑吸纳。

仲量联行（JLL）表示，预计至2030年，德里国家首都圈物流及仓储空置率将维持在15%以下，基础设施投资、电商增长以及第三方物流需求上升将支撑吸纳。

这一展望是在空置率从2025年的19.5%升至2026年上半年的20.4%、投机性供应超过需求的背景下作出的。仲量联行表示，这一升幅预计是暂时的，优质物流设施需求正在增强，现有空置空间预计将在未来几个季度被消化。

2026年上半年，该市场录得370万平方英尺净吸纳，在全球地缘政治不确定性下同比下降10%。仲量联行表示，基础需求仍具韧性，并预计地缘政治问题的影响是暂时的。

德里-NH8和加济阿巴德-诺伊达（Ghaziabad-Noida）是吸纳领先的集群，受益于其沿西部和东部专用货运走廊的战略位置。仲量联行表示，按租户板块划分，第三方物流公司占吸纳份额最大，其次是制造业和消费驱动型行业。

2026年上半年，新增供应同比增长18.4%，至580万平方英尺。德里-NH8在土地供应支撑下领跑竣工量，其次是加济阿巴德-诺伊达和索尼帕特-哈桑加尔（Sonipat-Hassangarh）。仲量联行表示，这些新项目正在增强德里国家首都圈的物流基础设施容量。

仓储租金同比上涨约2%，至每月每平方英尺23.2印度卢比。随着需求日益集中于更高品质设施、机构投资者兴趣上升，仲量联行预计未来几个季度租金将上涨4%至5%。

土地价格上涨也支撑了资产价值。据仲量联行称，2026年上半年资本价值同比增长3.1%，市场收益率收窄10个基点至7.7%。该经纪机构表示，这些变动表明资产估值走强，投资者对物流板块的信心增强。

展望未来，仲量联行预计到2026年底，德里国家首都圈仓储存量将超过1.2亿平方英尺，主要由甲级开发和机构投资推动。在西部专用货运走廊支撑下，德里-NH8预计将继续保持特别活跃。

仲量联行还强调了德里—孟买工业走廊、西部专用货运走廊和东部专用货运走廊等重大基础设施举措的影响。通往印度西部和东部连通性改善，叠加电商和第三方物流活动持续扩张，预计将支撑物流需求，并推动空置率至2030年维持在15%以下。