Philadelphia I-81/78 Corridor Industrial Market
| Average Asking Rent (Price/SF) | $5.04 |
| Vacancy Rate (%) | 8.3% |
| Net Absorption (SF) | 6,720,810 |
Coming off a strong first quarter, the I-81/78 industrial market carried that momentum into the second quarter of the year. Year-to-date absorption climbed to positive 6.7 million square feet (MSF), up from 2.1 MSF in the first quarter and outpacing the 1.3 MSF of positive absorption recorded at this point last year. The overall vacancy rate declined to 8.3% in the current quarter, down from 9.6% last quarter and nearly 200 basis points lower than the second quarter of 2020. Average asking rental rates pushed northward of the $5.00-per-square-foot (PSF) mark to an average of $5.04 PSF, a 3.5% increase from last quarter and a 6.3% increase from the second quarter of 2020. Construction activity remains robust with 21.7 MSF underway with the Central PA and Lehigh Valley submarkets accounting for 92.0% of the future inventory expected to come online over the next 12 months.
Download Philadelphia I-81/78 Corridor Industrial Market Report 2Q21