Philadelphia I-81/78 Corridor Industrial Market
|Average Asking Rent (Price/SF)||$5.16|
|Vacancy Rate (%)||7.2%|
|Net Absorption (SF)|
Activity in the I-81/78 Industrial Corridor remains robust. Absorption climbed to an all-time high with 19.6 million square feet in 2021. Overall vacancy declined to 7.2% in the fourth quarter, a 260-basis-point drop from the 9.8% rate reported a year ago. Asking rental rates for all property types continue to soar, increasing to an average of $5.16/SF, up by 6.6% from a year ago when the average rate was $4.84/SF. Construction activity remains strong with 18.6 million square feet underway, 96.0% of which is scheduled to deliver in 2022. Just over 10.0 million square feet of new construction delivered in 2021; 2.6 million square feet of that total was introduced in the fourth quarter.
Download Philadelphia I-81/78 Corridor Industrial Market Report 4Q21