Philadelphia’s industrial boom is winding down after a record-breaking five years that added 55 million square feet to the region’s inventory. As of March, 12.4 million square feet remain under construction, a 52% drop from the early 2023 peak. This slowdown follows a national trend driven by rising vacancies. Half of the 32 million square… Read more »
Quaker Valley Foods sold its 241,000 SF cold storage warehouse at 2701 Red Lion Road, Northeast Philadelphia, for $41M in a sale-leaseback deal, ensuring continued operations. Phoenix-based Fundamental Income acquired the 40-year-old property, which Quaker Valley purchased in 2004 for $9.8M. The sale price equates to approximately $170 per SF. *Article courtesy of Philadelphia Business… Read more »
Harrisburg, Pennsylvania, has seen remarkable growth in its commercial real estate market over the past decade, with total sales volume climbing from around $501 million in 2014 to $861 million so far this year. Adjusted for inflation, this marks a growth of over 30% during the period. The industrial sector remains a dominant force in… Read more »
For the first time in two years, the industrial vacancy rate in the Philadelphia region has declined, dropping from 7% to 6.5% in the third quarter, per Colliers. This shift reflects increased tenant demand, particularly from third-party logistics companies, many based in Asia, that were previously priced out of the Northeast. These companies accounted for… Read more »
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,… Read more »
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… Read more »
While headlines and reports often highlight mega-warehouses, Philadelphia’s small-bay industrial market has quietly flourished. These facilities, typically under 50,000 square feet, are the most sought-after segment, yet availability is limited, leading to a shrinking market for companies in need of smaller industrial spaces. Since 2022, construction has predominantly centered on “big-box” warehouse facilities, those exceeding… Read more »
Demand has surged in Pennsylvania’s top industrial markets, leading to a wave of new development. Last year saw a record number of completions, adding over 110 million square feet of industrial space in the past four years across Philadelphia, Lehigh Valley, the I-81 Corridor, Harrisburg, and York. Philadelphia, the ninth largest U.S. industrial market, experienced… Read more »
Stateside Vodka is moving its longstanding Philadelphia headquarters to a new location, expanding its operations space by 900%. The Olde Kensington distiller has secured a long-term lease for a 40,000-square-foot building in Northeast Philadelphia. This space is being developed by real estate investment firm East Capital Partners, according to CEO Clement Pappas in an interview… Read more »
Crow Holdings Development has acquired a 14.4-acre parcel in Northeast Philadelphia for $8 million, intending to construct a 150,000-square-foot industrial facility. The Dallas-based real estate investment firm purchased the site, located at 14515 McNulty Road, from the Philadelphia Authority for Industrial Development, a subsidiary of the quasi-public Philadelphia Industrial Development Corp. Clark Machemer, Senior Managing… Read more »
