Philadelphia industrial real estate market reports

Q3 2022

Leasing fundamentals are still very strong although headwinds could arise with new supply coming to market.
887 MSF

Inventory

Eastern Pennsylvania and Southern New Jersey’s industrial has reached its highest inventory supply on record surpassing 885M SF.

5.9 MSF

Net absorption

Net absorption has reached 5.9M SF in Q3 as the market remains near equilibrium.
$6.91

Direct asking rent

Rents remain at record high levels, with the current market average sitting just below $7 PSF.
60 MSF

Availabilities

Current availabilities continue to hover at 60M SF across the market.
4.8%

Vacancy

The vacancy rate across the market increased for the first time in over 12 months, currently at 4.8% up 50 basis points from last quarter.
$107 PSF

Average investment sales price

Overall market volatility continues along with hawkish monetary policy, with the 12-month trailing avg price per SF currently at $107 PSF.
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