In the first half of 2024, Philadelphia’s industrial real estate market saw a shift as investors prioritized small-bay warehouses over larger box properties. Small-bay warehouses, defined as 50,000 square feet or less, made up 86% of industrial sale transactions, a significant rise from the 10-year average of 77%. In contrast, larger warehouses over 250,000 square feet represented just 1% of sales, only a third of their decade-long average. Despite ongoing interest from private and institutional investors, higher interest rates and compressed asset valuations have dampened investment in larger warehouse assets.
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