Philadelphia industrial market fundamentals remain strong amid record new deliveries over the last twelve months
Average lease size and average executed rent over the last twelve months by Philadelphia submarket
- In the last year throughout the Philadelphia industrial market, Lehigh and York counties on average witnessed the largest executed lease deals at 470K SF and 406K SF respectively.
- Philadelphia County led the pack for highest NNN rental rate, with an average executed NNN rent of $15.42 in 2023, with Delaware and Burlington counties trialing just below at $12.78 psf and $12.64 psf, respectively.
- The record amount of new industrial supply delivered across the Philadelphia market in 2023 could bring moderation to rate increases, as landlords seek to get vacant space occupied.
March 26, 2024
