Q4 2024 Philadelphia Industrial Market Report

Philadelphia’s industrial market led the Northeast in annual demand in 2024. While demand remains resilient, the ongoing development pipeline suggests continued vacancies through 2025, though at a slower pace. Annual absorption reached 6.0 million square feet, ranking sixth nationally, but fell below the 10-year average of 7.0 million square feet. The area’s excess warehouse supply, coupled with compressed rent growth, presents opportunities for occupiers, as landlords are likely to offer higher concessions to secure quality tenants in a competitive leasing environment.

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