Philadelphia industrial real estate market reports
Q2 2021: The pandemic did not slow down the Philadelphia industrial market as leasing reached record levels, rents increased, and sales volume remained strong.
The Philadelphia market did not slow down during the pandemic with leasing reaching record levels, rents increasing and sales volume remaining strong. While vaccination rates are below the national average, the Philadelphia market looks primed to come out of the pandemic stronger than ever.
Reopening efforts have allowed the Philadelphia MSA unemployment rate to rebound from a high of 15.0% in April 2020 to 6.1% in May 2021.
Philadelphia County’s vaccination rates at 43.5% are below the national average.
Net absorption has been strong during the first half of the year, totaling approximately 15.0 million square feet.
Approximately 57.6% of the square footage under construction are buildings greater than 750,000 square feet.
Base rents have increased by 17.9% since the start of the pandemic and have continued a steady upward trajectory since 2015.
Industrial investment activity has surged to $4.8 billion since 2020 as investors are attracted to the sector’s strong underlying fundamentals.
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