{"id":6154,"date":"2023-08-07T16:30:51","date_gmt":"2023-08-07T20:30:51","guid":{"rendered":"https:\/\/www.lee-associates.com\/pennsylvania\/?p=6154"},"modified":"2023-08-07T16:36:32","modified_gmt":"2023-08-07T20:36:32","slug":"q2-2023-philadelphia-industrial-market-report-logistics-set","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/easternpa\/2023\/08\/07\/q2-2023-philadelphia-industrial-market-report-logistics-set\/","title":{"rendered":"Q2 2023 PHILADELPHIA INDUSTRIAL MARKET REPORT | LOGISTICS SET"},"content":{"rendered":"<div id=\"pl-6154\"  class=\"panel-layout\" ><div id=\"pg-6154-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6154-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6154-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2>PHILADELPHIA REGION SNAPSHOT<\/h2>\n<h2>\n5.43%<\/h2>\n<p>Vacancy<\/p>\n<h2>605,126,017 SF<\/h2>\n<p>Standing Stock<\/p>\n<h2>5,987,667 SF<\/h2>\n<p>Net Absorption<\/p>\n<h2>28,358,851 SF<\/h2>\n<p>Under Construction<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6154-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6154-0-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>As expected, both Vacancy and Availability continued an upward trend in the wake of 14.2 MSF of newly delivered buildings, including nearly 8.9 MSF of unleased space. The effects were muted by 6.0 MSF of positive Net Absorption, including new I.0 MSF+ occupancies by Lowe\u2019s, Jillamy, Amazon.com, and UNFI.<\/p>\n<p>Rolling Construction levels continued a 5-quarter decline and now sit at roughly one-half their Q2\u201922 peak. That trend will continue, with new starts limited and heavy deliveries projected through the end of the year (Q3 - 16.4 MSF; Q4 - 10.6 MSF). As a result, expect Vacancy to tick up again in Q3 and Q4, before leveling off in 2024 after what will then be two years of steady increase.<\/p>\n<p>The storyline on Rent growth is expected to vary by submarket due to localized oversupply. Pockets of strength include Central PA, the Lehigh Valley, Metro Philadelphia, and possibly Northeast PA. For the rest, the next year will likely be characterized by flat or declining rents and growing concession levels.<\/p>\n<p>Download the full report below.<\/p>\n<p><a href=\"https:\/\/mcusercontent.com\/94b52603ff4065613d9cb518c\/files\/1d13b960-3ea3-ccdb-428f-da3bf3eeba9e\/2023_Q2_Industrial_Market_Report.01.pdf?utm_source=Master+List&amp;utm_campaign=8753d00c37-ANNOUNCEMENT_26_07_2021_COPY_01&amp;utm_medium=email&amp;utm_term=0_0d8001f96e-8753d00c37-247844301\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-5653\" src=\"https:\/\/www.lee-associates.com\/easternpa\/wp-content\/uploads\/sites\/83\/2023\/01\/DownloadFullReport.png\" alt=\"\" width=\"256\" height=\"104\" \/><\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>PHILADELPHIA REGION SNAPSHOT 5.43% Vacancy 605,126,017 SF Standing Stock 5,987,667 SF Net Absorption 28,358,851 SF Under Construction &nbsp; &nbsp; As expected, both Vacancy and Availability continued an upward trend in the wake of 14.2 MSF of newly delivered buildings, including nearly 8.9 MSF of unleased space. The effects were muted by 6.0 MSF of positive Net Absorption, including new I.0 MSF+ occupancies by Lowe\u2019s, Jillamy, Amazon.com, and UNFI. Rolling Construction levels continued a 5-quarter decline&#8230;<\/p>\n","protected":false},"author":24,"featured_media":6159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1212],"tags":[],"class_list":["post-6154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q2 2023 PHILADELPHIA INDUSTRIAL MARKET REPORT | LOGISTICS SET - Eastern Pennsylvania<\/title>\n<meta name=\"description\" content=\"As expected, both Vacancy and Availability continued an upward trend in the wake of 14.2 MSF of newly delivered buildings, including nearly 8.9 MSF of unleased space. 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