Total industrial availability across Greater Philadelphia continues to rise due to large increases in sublease availability and ongoing delivery of new product

Total availability of industrial product continues to rise, led by notable increases in sublease availability and high amounts of new product deliveries. Total available SF for sublease has increased by 35% since the last quarter alone, now standing at 13.1 million square feet (msf).

Growing amounts of sublease availabilities have continued to bring the total availability of space upward, and account for 12.1% of the total available space currently on the market.

Developers of unleased newer product are now competing with the sublandlords of older vintage properties. Currently, 56.0% of the sublease availabilities are for properties developed from 2000-2024 YTD, and 35.3% of the sublease availabilities are for properties developed in just the last 4.5 years (2020-today).

June 27, 2024

US-PA-PHL Philadelphia