Philadelphia I-81/78 Corridor Industrial Market
| Average Asking Rent (Price/SF) | $5.31 |
| Vacancy Rate (%) | 6.3% |
| Net Absorption (SF) | 5,876,959 |
As a result of hearty demand and soaring occupancy rates in the I-81/78 industrial market, landlords have been able to ink deals at record-high rental rates with annual increases of over 3.0% for longer-term transactions. Land pricing has also reached record highs as tenants are less focused on cost and more on obtaining the right land option to suit their requirements. Even the current elevated gas prices have not curbed demand for warehouse and distribution product. The largest challenge for warehouse occupiers in the I-81/78 industrial market has been a shortage of workers. As the cost of labor continues to rise, automation has become a realistic option for tenants.
Download Philadelphia I-81/78 Corridor Industrial Market Report 1Q22