In contrast to national trends, Philadelphia’s industrial development has rebounded significantly in recent quarters. After hitting a three-year low at the end of 2023, the region’s active industrial construction pipeline has surged by 28%.
As of Q3 2024, over 17.3 million square feet across 55 industrial buildings are under construction in the Philadelphia metropolitan area, up from 13.5 million square feet at the end of 2023. Southern New Jersey—comprising Burlington, Camden, Gloucester, and Salem counties—represents over 45% of the region’s total industrial construction.
Salem County now leads the Philadelphia region in industrial activity, with 4.4 million square feet underway, making it the only area with over 1 million square feet in construction. Given the relatively small existing industrial space in Salem, this construction represents an impressive 47% increase in the county’s inventory.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.
