Philadelphia Industrial Figures Report Q2 2023
Demand moderates as market trends closer to equilibrium
July 21, 2023 3 Minute Read
- Leasing activity slowed closer to pre-pandemic levels as average lease sizes shrank while retail and wholesale accounted for little demand so far in 2023.
- Average asking rents were higher on a year-over-year basis, but showed signs of cooling, especially within the Class A segment.
- The construction pipeline persisted near historic highs as developers continued to bet on demand growth throughout the region.