In response to a confluence of factors, including increased borrowing and construction expenses, coupled with diminishing demand for warehouse space, Philadelphia’s industrial development is beginning to exhibit early indications of a slowdown. Over the last two quarters, the Philadelphia industrial sector has witnessed an average of just 665,000 square feet in construction starts, a stark contrast to the robust quarterly average of 4.7 million square feet observed between 2020 and 2022. To put this in perspective, the quarterly construction starts between 2017 and 2019 stood at a more moderate 1.5 million square feet.
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