Philadelphia industrial market developers continue to scale down in response to demand
- Smaller format buildings, specifically those 50K-249K SF currently account for 24.9% of the total SF actively under construction, a 1,417 basis point increase compared to Q1 24’ when just 10.7% of active developments were buildings 50K-249K SF.
- Developers are adjusting to meet market demand, most notably by deciding to change size and/or delay existing plans for large format buildings.
- A notable example are the significant changes NorthPoint Development announced at their Keystone Trade Center development. Initially slated to be 15 MSF of large format industrial space, plans have shifted to develop a 2 MSF data center spread across 10 smaller format buildings.
June 2, 2025
