The Philadelphia region’s industrial market has experienced a significant shift in leasing trends. Historically, about five industrial leases exceeding 500,000 square feet were signed each year since 2015. But halfway into 2023, no industrial leases of that size cohort have been recorded.
Over the past six years, top retailers such as Amazon, Walmart and Burlington were responsible for the largest industrial leases in the region, with several lease deals surpassing 1 million square feet. In the past six months, however, retailers have applied the brakes on their leasing activity. Third-party logistics companies have become the primary renters of the largest spaces. Nevertheless, these leases have not reached the scale of the mega-warehouses seen in recent years.
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