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Philadelphia Market Reports

Philadelphia Office Market

Average Asking Rent (Price/SF) $29.86
Vacancy Rate (%) 13.4%
Net Absorption (SF)  186,722

Philadelphia's regional office market concluded 2019 with robust positive absorption, record low vacancy, continued rent growth, new construction, and the promise of more demand-driven development to kick off in the new year. Market-wide vacancy was trimmed by 20 basis points to 13.4%, essentially on par with the lowest vacancy rate in this economic expansion cycle, which was recorded in the third quarter of 2018 (13.3%). The decade can be characterized by steady recovery from the Great Recession, capped at the end with a positive surge in activity.

Philadelphia Industrial Market

Average Asking Rent (Price/SF) $6.37
Vacancy Rate (%) 6.0%
Net Absorption (SF) 574,975 

In the fourth quarter of 2019, a total of 5.6 million square feet of new industrial product delivered throughout the Greater Philadelphia industrial market, the largest quarterly inventory addition in the 21st century to-date. This drove the annual completions volume to nearly 10 million square feet, of which the vast majority was built on a speculative basis. This injection of new inventory, unprecedented in the ecommerce-driven modern supply chain era, has begun to be absorbed. At year-end, the pool of industrial buildings that completed construction in 2019 was approximately 50% leased.

Philadelphia Office Market Report
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Philadelphia Industrial Market Report
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