Philadelphia industrial new deliveries in 2023 by submarket

Philadelphia industrial market deliveries

• The Philadelphia industrial market saw over 47 million square feet (msf) of new industrial product delivered in 2023, equating to 4.8% of total existing inventory, a new record high for YTD delivers for the Philadelphia market.
• Active new development is down 63% since its last peak of 56 msf in Q2 2022, with 20.8 msf now actively under construction, as the market returns to pre-pandemic levels of new development.
• Burlington county had the most amount of square feet delivered in 2023, with 17 new buildings delivered equating to just over 8 msf.  Bucks County came in second with 4.9 msf delivered across eight new buildings.

January 25, 2024

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