Suburban Philadelphia Industrial Market | Overview
- The vacancy rate remained at 5.2 percent in the third quarter.
- Year-do-date absorption totaled just over 215,000 square feet, significantly behind last year’s third quarter level of 2.5 million.
- The weighted average asking rent increased by 1.3% to $6.21 per square foot, triple net. Proforma rents for new construction have topped $7.00 per square foot.
- Investment activity was boosted by a large portfolio sale in Bucks County.
The lack of quality supply continued to constrain activity in the third quarter, pushing demand for new construction.