Philadelphia industrial real estate market reports
Q1 2024
Leasing Activity
A total of 6.7 msf was leased in the first quarter of 2024 across the Philadelphia industrial market, down 42.8% from the previous quarter’s leasing activity of 11.8 msf. This past quarter leasing demand was highest in smaller format properties, with 3.7 msfor 55% of the total leasing activity, occurring in buildings 500K SF and below.
Active Developments
An abundance of availabilities coupled with a slow-down in leasing activity across the new projects has resulted in less development as construction starts decline. For the first time since the onset of the COVID-19 pandemic back in Q1 2020, construction levels have fallen below 25 msf, currently sitting 24.5 msfas of Q1 2024.
Total Sales Volume
Despite ongoing dislocations across capital markets and an elevated interest rate environment, total industrial sales volume in Q1 24’ across the Philadelphia market reached $202 million. Class A industrial assets accounted for 64% of the total volume, with Class B & C accounting for the remaining 36%, equating to $129.5M and $73M, respectively.
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