In the backdrop of high growth of commercial real estate in 2024, the new year has started on a high note with some companies in the office and logistics & warehousing domain, clinching large deals.

In a major deal, Mahindra Logistics, the third-party logistics (3PL) solutions arm of Mahindra Group, has leased nearly 500,000 sq ft warehousing space in Pune for 5 years. The warehousing space has been taken at Karanje Emerald Industrial Park.  This deal will boost Mahindra Logistics total portfolio to more than 22 million sq ft, making it one of the largest 3PL companies.  in India. Mahindra Logistics which currently manages over 22.1 million sq ft, is aggressively looking for newer opportunities for its growth. Particularly when the 3PL market is booming  with 66.3 million sq ft of absorption in the last three years (2022-24).

Meanwhile in yet another noteworthy development, food delivery major Zomato is set to finalise a deal for leasing 1 million sq ft space in Gurugram, in what is considered as one of the largest office space transactions in the country. Currently, Zomato, occupies more than 300000 sq ft of office space developed by ASF and the Pioneer Group. It is talking to these developers for built-to-suit space. Significantly, Zomato had recently leased around 750 seats with Smartworks ,which operates 450000 sq ft of office at ASF’s Insignia campus.