Philadelphia industrial market fundamentals remain strong amid record new deliveries over the last twelve months

Average lease size and average executed rent over the last twelve months by Philadelphia submarket
  • In the last year throughout the Philadelphia industrial market, Lehigh and York counties on average witnessed the largest executed lease deals at 470K SF and 406K SF respectively.
  • Philadelphia County led the pack for highest NNN rental rate, with an average executed NNN rent of $15.42 in 2023, with Delaware and Burlington counties trialing just below at $12.78 psf and $12.64 psf, respectively.
  • The record amount of new industrial supply delivered across the Philadelphia market in 2023 could bring moderation to rate increases, as landlords seek to get vacant space occupied.

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