Warehouse Rents Rise with Increased Demand

Philadelphia, PA (July 17, 2017) — Newmark Knight Frank (NKF) released its second-quarter 2017 reports for the Greater Philadelphia region and the I-81/78 Corridor industrial markets this week. Greater Philadelphia’s industrial market closed the second quarter of the year with 540,000 square feet in positive absorption. While the vacancy rate stayed level from the first quarter of 2017, it has dropped 110 basis points from one year ago to 6.8 percent. Several warehouse buildings also delivered, while the I/81-78 Corridor continued to capture the majority of the construction pipeline.

The Southern New Jersey market accounted for 450,000 square feet in occupancy gains. The Burlington County submarket contributed the bulk of the gains, 500,000 square feet of absorption with Quality Packaging moving into 377,440 square feet at 2030 Route 130 in Florence, New Jersey. Vacancy in Southern New Jersey’s warehouse sector remained at record low levels in the second quarter of the year.

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