Record Setting Occupier Demand Continues to Drive Rent Growth
Rent continues to rise due to a high level of demand and a general lack of large-scale supply in the Eastern PA markets – there are presently 10 total availabilities that are larger than 750,000 SF that are existing or under construction. The construction delays that were rampant in the beginning part of the year have subsided with nearly 29.8MSF under construction across Eastern PA and Greater Philadelphia. At the time of publication, the combined vacancy of the Eastern PA and Greater Philadelphia submarkets was 2.95%.
I-78/I-81 Submarkets
- 30.7 MSF Annual Transactions
- 26.4 MSF Annual Net Absorption
- 10.2% Annual Market Growth
- 10.5% Average Asking Rent YOY Growth
I-95 Corridor
- 1.2% Vacancy
- 4% Annual Market Growth
- $8.68 PSF Average Asking Rent