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Pennsylvania I-78/I-81 Corridor Industrial Figures Report Q2 2023

Market approaching equilibrium, nuances in demand arise

July 11, 2023 3 Minute Read

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  • Vacancy ticked up for the fourth consecutive quarter but settled well-below pre-pandemic levels that averaged closer to the 6.0% mark.
  • Average Class A asking rents grew 31.4%, year-over-year, to settle at $8.70 per-square-foot per-year. As pricing lags supply and demand trend shifts, rent growth should slow in the coming quarters.
  • Developers slowed the pace of new developments significantly as only two buildings measuring a combined 470,000 sq. ft. broke ground in Q2 2023.