Philadelphia Industrial Figures Report Q2 2023

Demand moderates as market trends closer to equilibrium

July 21, 2023 3 Minute Read

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  • 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.