Commercial real estate news releases from Avison Young
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Record supply of Philadelphia-area industrial space to generate significant impact on demand
Avison Young releases its Q3 2022 Philadelphia Industrial Market Report
Philadelphia, PA – Avison Young today released its Third Quarter 2022 Industrial Market Report for Philadelphia. According to the report, 53 million-square-feet (sf), a record amount of supply, will potentially be added into the industrial market over the next two years. If this occurs it will likely swing the supply and demand pendulum back in favor of the tenant-occupiers. As more supply hits the market as proposed, and all of the new building deliveries occur, this may put downward pressure on rents, among other takeaways.“As consumers continue to change how they shop, e-commerce retailers and manufacturers are maintaining their interest in occupying industrial spaces and last-mile facilities,” said David Fahey, Principal and Managing Director of the firm’s Philadelphia office. “With space that equals 6.0% of the market’s existing inventory coming online in the next 24 months, this will certainly help those who need space, find it.”
The Report also indicates that Federal monetary policies are impacting sales volumes across the market. “It’s no surprise that when there is uncertainty in the economy, sales activity will slow – which we’re seeing in comparison to 2021,” said Fahey. “However, this is quite normal for our market and we’re confident that investor confidence will return as we continue to climb out of the effects of the pandemic and recent monetary tightening.”
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For more information:
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
For more information:
- Download 2022 Third Quarter Industrial Market Report here.
- Nathan Reyna, Media Relations & Content Specialist, Northeast: +1.917.877.1697
- David Fahey, Principal & Managing Director, Philadelphia: +1.610.276.1081