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Industrial Report

United States | Philadelphia, PA

Report | Philadelphia Industrial Outlook - Q1 2011

Summary

The Philadelphia industrial market started 2011 off strongly posting just over 1.2 million square feet of positive absorption. The majority of the absorption can be attributed to the delivery of two large build-to-suit projects. Despite the positive absorption, there were several new vacancies that pushed the vacancy rate 20 basis points higher to 11.4 percent.
Leasing and investment activity continued to be strong across the Philadelphia market and there is currently over 23 million square feet of tenants actively looking for space. Large blocks of Class A, big box distribution space remain in short supply and a few submarkets have seen a rise in rental rates. As rental rates continue to strengthen and property values increase, expect to see the return of speculative construction in the latter half of 2011.  

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