Philadelphia Industrial Figures Report Q4 2023
Record construction deliveries push vacancy higher but pipeline cooling
January 7, 2024 3 Minute Read
- While overall leasing activity was down compared to the prior three years, demand remained positive and stable, showing signs of persistence.
- Single-quarter construction deliveries reached an all-time high at 9.98 million sq. ft., pushing year-to-date totals to more than 20 million sq. ft.
- Overall rents continued to climb, albeit slower while Class A logistics rents were flat.