Philadelphia I-81/78 Corridor Industrial Market
| Average Asking Rent (Price/SF) | $4.87 |
| Vacancy Rate (%) | 9.6% |
| Net Absorption (SF) | 2,146,284 |
Following a year of record-setting occupancy gains in the I-81/78 Corridor, the first quarter of 2021 continued the trend of positive absorption, rent growth, and new construction activity amid challenging economic conditions. Occupancy gains measured 2.1 million square feet in the first quarter. Lowe’s occupied its 1.1-million-square-foot warehouse, accounting for more than half of the quarter’s absorption. A robust development pipeline of 20.3 million square feet of construction points to higher levels of absorption in the months to come; as construction deliveries increase, so will absorption numbers. Vacancy dropped 20 basis points quarter-over-quarter to 9.6% while asking rents continued to push upward to an average of $4.87/SF.
Download Philadelphia I-81/78 Corridor Industrial Market Report 1Q21