<p data-path-to-node="5" id="p-rc_378ebf42975a876e-84" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-143" style="line-height: 1.15 !important;">India’s industrial and warehousing real estate sector is positioned to maintain a strong expansion trajectory through the </span><b data-path-to-node="5" data-index-in-node="143" style="line-height: 1.15 !important;">second half of 2026</b><span class="citation-143 citation-end-143" style="line-height: 1.15 !important;">, powered by sustained manufacturing momentum, rapid outsourcing to third-party logistics (3PL) providers, supportive policy frameworks, and nationwide multimodal connectivity upgrades.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="1" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1245712290="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1245712290="" _nghost-ng-c4000927477="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="6" id="p-rc_378ebf42975a876e-85" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-142" style="line-height: 1.15 !important;">According to industry data from Knight Frank India, industrial and warehousing leasing across the country's top eight primary markets expanded by </span><b data-path-to-node="6" data-index-in-node="146" style="line-height: 1.15 !important;">15% year-on-year to 36.8 million sq ft in H1 2026</b><span class="citation-142 citation-end-142" style="line-height: 1.15 !important;">, setting the stage for a high-velocity leasing run in H2 as supply chains gear up for festive retail surges and industrial ramp-ups.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="2" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1245712290="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1245712290="" _nghost-ng-c4000927477="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><h3 data-path-to-node="8" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;">Key Operational Highlights &amp; Market Drivers</h3><ul data-path-to-node="9" style="padding-inline-start: 32px; font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;"><p data-path-to-node="9,0,0" id="p-rc_378ebf42975a876e-86" style="line-height: 1.15 !important;"><b data-path-to-node="9,0,0" data-index-in-node="0" style="line-height: 1.15 !important;">Manufacturing Anchors Market Demand:</b> <span class="citation-141" style="line-height: 1.15 !important;">The manufacturing sector remained the leading occupier segment, accounting for </span><b data-path-to-node="9,0,0" data-index-in-node="116" style="line-height: 1.15 !important;">46% of total leasing volume at 17 million sq ft</b><span class="citation-141 citation-end-141" style="line-height: 1.15 !important;"> in H1 2026 (a 17% YoY increase), driven by robust domestic production and 'Make in India' capital investments.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="3" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1245712290="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1245712290="" _nghost-ng-c4000927477="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="9,1,0" id="p-rc_378ebf42975a876e-87" style="line-height: 1.15 !important;"><b data-path-to-node="9,1,0" data-index-in-node="0" style="line-height: 1.15 !important;">3PL Expansion Outpaces Other Verticals:</b> <span class="citation-140" style="line-height: 1.15 !important;">Third-party logistics (3PL) operators consolidated their position as the second-largest demand engine, securing </span><b data-path-to-node="9,1,0" data-index-in-node="152" style="line-height: 1.15 !important;">30% of total leasing at 11.1 million sq ft</b><span class="citation-140" style="line-height: 1.15 !important;">, registering a sharp </span><b data-path-to-node="9,1,0" data-index-in-node="216" style="line-height: 1.15 !important;">27% YoY increase</b><span class="citation-140 citation-end-140" style="line-height: 1.15 !important;"> as enterprises increasingly outsource supply chain management.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="4" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1245712290="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1245712290="" _nghost-ng-c4000927477="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="9,2,0" id="p-rc_378ebf42975a876e-88" style="line-height: 1.15 !important;"><b data-path-to-node="9,2,0" data-index-in-node="0" style="line-height: 1.15 !important;">Western and Northern Hubs Lead Absorption:</b> <span class="citation-139" style="line-height: 1.15 !important;">Mumbai recorded its highest-ever half-yearly leasing volume with </span><b data-path-to-node="9,2,0" data-index-in-node="108" style="line-height: 1.15 !important;">10.7 million sq ft</b><span class="citation-139 citation-end-139" style="line-height: 1.15 !important;"> (up 44% YoY).<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="5" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-138" style="line-height: 1.15 !important;">The National Capital Region (NCR) followed with </span><b data-path-to-node="9,2,0" data-index-in-node="189" style="line-height: 1.15 !important;">5.9 million sq ft</b><span class="citation-138" style="line-height: 1.15 !important;"> (up 17%), while Bengaluru recorded </span><b data-path-to-node="9,2,0" data-index-in-node="242" style="line-height: 1.15 !important;">4 million sq ft</b><span class="citation-138 citation-end-138" style="line-height: 1.15 !important;"> (up 36%).<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="6" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-137 citation-end-137" style="line-height: 1.15 !important;">Kolkata posted the fastest growth rate at 69% YoY.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="7" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1245712290="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1245712290="" _nghost-ng-c4000927477="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="9,3,0" id="p-rc_378ebf42975a876e-89" style="line-height: 1.15 !important;"><b data-path-to-node="9,3,0" data-index-in-node="0" style="line-height: 1.15 !important;">Stock Growth and Rising Grade-A Dominance:</b> <span class="citation-136" style="line-height: 1.15 !important;">Total industrial and warehousing stock expanded 14% YoY to reach </span><b data-path-to-node="9,3,0" data-index-in-node="108" style="line-height: 1.15 !important;">584.9 million sq ft</b><span class="citation-136 citation-end-136" style="line-height: 1.15 !important;">, with overall vacancy rates improving to 11.4%.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="8" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-135" style="line-height: 1.15 !important;">High-efficiency, automation-ready </span><b data-path-to-node="9,3,0" data-index-in-node="210" style="line-height: 1.15 !important;">Grade-A spaces accounted for 47% of total stock</b><span class="citation-135 citation-end-135" style="line-height: 1.15 !important;">, reflecting occupier demand for tech-integrated, compliance-ready facilities.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2100481332="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2100481332="" class="superscript" data-turn-source-index="9" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1245712290="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1245712290="" _nghost-ng-c4000927477="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="9,4,0" style="line-height: 1.15 !important;"><b data-path-to-node="9,4,0" data-index-in-node="0" style="line-height: 1.15 !important;">Catalysts for H2 Acceleration:</b> The operationalization of major Dedicated Freight Corridor (DFC) links, expanded Multi-Modal Logistics Parks (MMLPs), and India's position as a global man</p></li></ul>