Philadelphia 2022 Q4 Industrial Market Report

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  • Vacancy has steadily increased since Q2 2022; however, it is 50 basis points (bps) below the five-year average of 5.3%.
  • The construction pipeline will face headwinds from rising interest rates and economic uncertainty that could see projects taking more time to break ground.
  • There has been no downward pressure on asking rents for warehouse/distribution space; while activity may slow, the cost of construction will prevent landlords from offering significant rent discounts.

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