Philadelphia industrial real estate market reports

Q1 2024

6.7 msf

Leasing activity

A total of 6.7 msf was leased in the first quarter of 2024 across the Philadelphia industrial market, down 42.8% from the previous quarter’s leasing activity of 11.8 msf. This past quarter leasing demand was highest in smaller format properties, with 3.7 msfor 55% of the total leasing activity, occurring in buildings 500K SF and below.

24.5 msf

Active developments

An abundance of availabilities coupled with a slow-down in leasing activity across the new projects has resulted in less development as construction starts decline. For the first time since the onset of the COVID-19 pandemic back in Q1 2020, construction levels have fallen below 25 msf, currently sitting 24.5 msfas of Q1 2024.

$202 Million

Total sales volume

Despite ongoing dislocations across capital markets and an elevated interest rate environment, total industrial sales volume in Q1 24’ across the Philadelphia market reached $202 million. Class A industrial assets accounted for 64% of the total volume, with Class B & C accounting for the remaining 36%, equating to $129.5M and $73M, respectively.

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