After a robust year of building completions in 2023, the pace of industrial development in Philadelphia has notably decelerated in early 2024. Escalating financing costs and an accumulation of unleased inventory have instilled a sense of caution among developers, particularly as industrial rent growth experiences a slowdown across the market.
The exuberant industrial leasing period observed in 2021 and 2022 motivated developers to embark on an unprecedented volume of new projects in recent years. In 2023 alone, the completion of nearly 21.7 million square feet of industrial space, distributed across 80 buildings, marked a significant achievement, with six structures surpassing the 1 million square feet milestone.
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