Philadelphia industrial real estate market reports
Q3 2024
Total vacancy rose 100bps, fueled by new deliveries and large block vacancies
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.
Total new product delivered in Q3 24’
New product deliveries in the third quarter reached 9.2MSF, a significant increase compared to the 4.8 MSF delivered in the first half of 2024. Of the 9.2 MSF delivered, 31% was preleased, equating to 2.8 MSF in pre-leasing activity for the quarter. Salem County saw the most amount of new product delivered this quarter, with 1.7 MSF, 100% of which is currently still available to lease.
Sharp increase in sales volume, surpassing $1B this quarter alone
After a historically anemic first half of the year for investment sales, the third quarter saw a significant increase in sales volume. Total investment sales volume in third quarter, was 2.75x the investment volume recorded in the entire first half of 2024. Total investment sales volume YTD currently sits just shy of $1.5 Billion.
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