Philadelphia Industrial Market Faces Increasing Vacancy Rates Amidst Surge of New Deliveries
- In the past twelve months the Philadelphia industrial market’s total vacancy rate has increased by 240 basis points, currently sitting at 6.5%, compared to 4.4% at the end of Q1 2023.
- With over 47 million square feet (msf) delivered in 2023, and additional developments delivering across the market every month, tenants have significantly more options to choose from compared to twelve months ago.
- Competition between landlords to secure tenants is expected to only intensify, especially in supply constrained submarkets, as new developments continue to deliver each month.
March 12, 2024
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