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Third-party logistics (3PL) players remained the top lessors in the sector, comprising 41 percent of the leasing activity, while E&M (engineering and manufacturing) firms accounted for 18 percent.

"The I&L space take-up was predominantly steered by the third-party logistics (3PL) players, accounting for around 41 per cent share in the overall leasing activity in 2024," the consultant said.

These cities have emerged as key hubs for I&L space, driven by rising demand from third-party logistics (3PL) providers, e-commerce companies, and fast-moving consumer goods (FMCG) players.