A delta in total vacancy rates among different building size groups has emerged across the Philadelphia industrial market
Total vacancy % by building size
- A sharp increase in quarterly deliveries combined with multiple large block vacancies has led the total vacancy to rise 100bps from 6.9% to 7.9% in just one quarter. This, in conjunction with multiple large block vacancies and new sublease availabilities, has created a delta in vacancy rates between large format buildings and their smaller counterparts.
- The total vacancy rate for buildings 500K SF+ finished Q3 24’ at 11.3%, compared to 5.9% for buildings 100K-249.9K SF, a 590bps delta. The delta increases to 770bps when compared to the total vacancy for buildings 50K-99.9K SF, currently standing at 3.6%.
November 4, 2024
Additional resources
Get market intel
US-PA-PHL Philadelphia