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Greater Philadelphia + Southern New Jersey Industrial Big Box and Forecast Report Q3/2022

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Key Market Trends

  • Greater Philadelphia (GPHL) and Southern New Jersey (SNJ) are on pace for a record-setting year in most major statistical categories with year-end projections for occupier transactions, absorption, and deliveries set to eclipse 2021 totals.

  • Overall vacancy across Greater Philadelphia & Southern New Jersey is at 3.7% - up from 2.9% in Q2 2022 and only slight above the Q3 2021 levels. Vacancy is projected to drop to 3% by year end 2022.

  • Asking rents across Greater Philadelphia and Southern New Jersey continue to rise and are up 32% from Q3 2021. The five-county Greater Philadelphia region has seen the largest YOY gains with an average asking rent of $12.81 PSF compared to ending Q3 2021 at $8.71 PSF – a 47% increase.

  • Year-to-date (YTD) occupier transactions currently stand at 8,579,605 SF to go along with 9,733,157 SF of construction starts.

  • Existing availabilities above 500,000 SF remain sparse with only one such space available. At time of publication, a total of five availabilities larger than 500,000 SF are currently under construction.

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Greater Philadelphia + Southern New Jersey Industrial Big Box and Forecast Report Q3/2022

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Related Experts

Tom Golarz

Senior Vice President

Conshohocken

Since 2017, Tom Golarz has focused on Class A and last-mile industrial opportunities within Greater Philadelphia and Southern New Jersey. His core focus is on the sale of land for development and/or redevelopment to Class A industrial logistics space as well as Landlord/Tenant representation both within the region and nationally. During his time at Colliers, he has been involved in over $500MM in transactions of various types including land, brownfields, sale leasebacks, and Landlord/Tenant representation assignments.

With experience in a range of transactions regionally and nationally, Tom’s core focus is complex transactions involving land and surplus real estate. He routinely works with both private individuals and corporate entities to evaluate their owned real estate holdings as well as with Landlords and their capital partners to evaluate/underwrite acquisition opportunities.

He has had transactions nominated for Philadelphia Business Journal’s Best Real Estate Deals in 2018, 2019, 2020, and 2021 and was a 2022 Rising Star nominee. Tom is a 2020 Colliers Everest Club Member which is awarded to the top 10% of Colliers brokerage professionals in the U. S. based on revenue production.

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Michael Golarz

Executive Vice President

Conshohocken

As an Executive Vice President with Colliers International, Michael specializes in major industrial projects and properties within the Greater Philadelphia region.Through the course of his career, he has developed expertise in acquisitions, dispositions, lease negotiations, ground-up development and redevelopment of both greenfield and brownfield sites, and many other aspects of industrial real estate.  This skillset, along with a deep understanding of the markets, allow him to be a trusted advisor to his clients.

Outside of the Greater Philadelphia market, Michael leverages his years of experience to assist corporate clients in their evaluation of their real estate needs.  This facet of his business affords him the opportunity to understand national trends and factors which can affect his client’s real estate holdings and strategic planning. 

While he is a part of a larger 8-person team, Michael partners primarily with his brother Tom.  Over the course of his career, he has been involved in numerous transactions totaling over $1B in aggregate value.

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Mark Chubb

Senior Managing Director | Conshohocken

Conshohocken

Mark is co-leader of Colliers Logistics & Transportation Solutions Group based out the Philadelphia Regional Market. The team focuses on providing advisory services to both occupiers and owners of bulk warehouses, fulfillment and distribution facilities. Locally, they provide extensive coverage in Eastern Pennsylvania, Delaware, Northern Maryland and Southern New Jersey.

Beyond his regional market, he advises corporate occupier clients on real estate strategy and procurement of sites or facilities throughout North America. He has represented many prominent organizations on both the tenant/buyer and landlord/seller side of the transaction, with projects totaling over 25 million square feet of space in the past 5 years.

Mark serves on the national steering committee of Colliers International's Logistics & Transportation Solutions Group. The group is a national group of industry leaders that focus exclusively on providing real estate services to the users of logistics facilities.

Mark focusses on providing creative, market based solutions to his clients needs with an emphasis on reducing occupancy costs and limiting risk.

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Summer Coulter

Executive Vice President

Conshohocken

Summer Coulter joined Colliers in 2010 after 4 years with CB Richard Ellis. Summer specializes in landlord and tenant representation, as well as acquisitions and dispositions of industrial ground, formerly in the Inland Empire industrial market, now in the Eastern Pennsylvania industrial marketplace.

In addition to a long list of institutional clients represented on leasing and building sales, Summer focuses largely on sourcing and selling land for future industrial development. Over the course of her career, Summer has sold over 2,400 acres of on and off-market development opportunities resulting in over 36MM square feet of industrial buildings. Summer specializes in institutional quality developments, and has sold property to clients such as Prologis, Duke Realty, Clarion Partners, Trammell Crow, Watson Land Company, Seefried, Sares Regis Group, NFI, Goodman, Panattoni, and Cabot Properties.

Ms. Coulter’s extensive experience includes a substantial geographic area, spanning both coasts. Summer has successfully completed various types of transactions ranging from multiple owner assemblages, property re-zones, properties with environmental challenges, sale-leaseback transactions, and manufacturing re-development opportunities.


Ms. Coulter’s extensive experience includes a substantial geographic area, spanning both coasts. Summer has successfully completed various types of transactions ranging from multiple owner assemblages, property re-zones, properties with environmental challenges, sale-leaseback transactions, and manufacturing re-development opportunities.

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Michael Zerbe

Senior Managing Director | Conshohocken

Conshohocken

Michael Zerbe is a Senior Managing Director & Principal within Colliers and is a member of Colliers Logistics and Transportation Services Group.

He specializes in assisting consumer products companies and third party logistics companies with distribution centers across the country.  He also focuses on large distribution centers along the I-78, I-81 and I-80 corridors, representing clients in the acquisition, disposition and development of industrial real estate.

Michael has extensive experience in many facets of the real estate process including site selection analysis and ground-up development including entitlement and incentive procurement, property valuation, and transactional negotiations.

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