"Overall market fundamentals have remained strong throughout the Southern New Jersey Industrial market as the developer community has been disciplined relative to the timing of their projects," noted John Gartland, managing director of the Industrial Brokerage Group. New construction also remains concentrated in Southern New Jersey, where 3.1 million square feet accounted for 97.1 percent of the Philadelphia MSA's total construction for 2017. "While overall net asking rental rates for warehouse and distribution space in the Philadelphia MSA declined by 2.8 percent year-over-year, rates in the Southern New Jersey industrial market increased by 5.3 percent to $4.50 per square foot in 2017."Ībsorption was positive for the year, with the Southern New Jersey industrial market accounting for 65.8 percent of the 4.9 million total square feet absorbed. "The Philadelphia industrial market's overall vacancy rate declined to 4.0 percent in the fourth quarter of 2017, down 20 basis points from the fourth quarter of 2016," said Jared Jacobs, Cushman & Wakefield's research manager. The commercial real estate services firm's Philadelphia research team released its fourth-quarter 2017 Industrial MarketBeat reports for the region.
Positive absorption in Philadelphia's industrial market contributed to an overall vacancy rate decline for the year, while construction activity showed no sign of slowing in the I-81 and I-78 industrial market, according to Cushman & Wakefield.
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