Philadelphia Industrial Figures Report Q4 2023

Record construction deliveries push vacancy higher but pipeline cooling

January 7, 2024 3 Minute Read

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  • 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.