Jonathan Berr has an article in BisNow, Philadelphia Industrial Market Weathers Pandemic As New York Activity Spills Over, highlighting how warehouses and industrial real estate have been faring during the pandemic.
Below are a few highlights form the article which really stood out.
Like other industrial markets, Philadelphia is benefiting from the growth in e-commerce sales, including next-day delivery and the boom of online grocery shopping. Area property owners are also reaping the rewards from the expansion in recent years at the Port of Philadelphia.
Over the past three years, average contract rental rates in Southern New Jersey on new development surged 33%. CBRE estimates the average rent in the region at $6.55 per SF. The average taking rents in high-demand areas in Northern New Jersey such as the Meadowlands, Hudson Waterfront and Newark are $13 to $14 per SF, the researcher says.
Both older spaces and newer developments are benefiting from the boom. The 28-year-old Bristol Industrial Park in Bucks County, Pennsylvania, has seen “tremendous rent growth” over the past 12 to 18 months