Intelligence

Regional Summaries

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Philadelphia, PA

Apartment
Vacancy increased only slightly in 2015 in the 208,863-unit Philadelphia apartment market, despite the first of what is expected to be three years of extensive new supply. The fourth quarter 2015 vacancy rate in the Philadelphia area is just 3.4%, according to Reis, up 20 basis points over the year and during the fourth quarter alone. The average asking rent increased 3.6% to $1,190 per month while the average effective rent rose 3.8% to $1,167 per month. The fourth quarter increase was 0.6% by both measures, the smallest of the year. VIEW APARTMENT LISTINGS >
Industrial
The 245.8-million-square-foot Reis Philadelphia warehouse/distribution market had another strong year in 2015, although 2014 had been stronger. Reis reports an 8.8% vacancy rate for warehouse/distribution space in metro Philadelphia for the fourth quarter of 2015, down 20 basis points over the year but essentially unchanged for the quarter alone. For warehouse/distribution space, the average asking rent increased 1.1% in 2015 to $4.54 psf in the fourth quarter, with the average effective rent up 1.5% to $4.18 psf. The fourth quarter increase was 0.7% by both measures; there were no additional changes in January 2016. The 47.9-million-square-foot Flex/R&D market had been lagging, but it took a big step forward in 2015. The Flex/R&D vacancy rate is 10.2% in Philadelphia, down 70 basis points over the year and 10 during the fourth quarter. For Flex/R&D space, the average asking rent is up 1.5% over the year to $7.32 psf, with the average effective rent up 1.7% to $6.69 psf. The gains were 0.7% and 0.8%, respectively, in the fourth quarter, with no further gains in January. VIEW INDUSTRIAL LISTINGS >
Office
The 111.5-million-square-foot Philadelphia general purpose, multi-tenant office market had another solid year, with falling vacancy and moderate rent gains. Reis reports a 12.6% vacancy rate for the fourth quarter of 2015, down 100 basis points over the year and down 20 for the quarter. The average asking rent increased 2.3% to $26.03 psf, and the average effective rent was up 2.4% to $21.35 psf. The fourth quarter increase was just a penny by both measures, the smallest of the year. VIEW OFFICE LISTINGS >
Retail
Philadelphia’s 62-million-square-foot community-neighborhood shopping center market weakened in 2015, with slightly negative net absorption despite the most new supply since 2008. The community-neighborhood center vacancy rate was 9.8% as of the fourth quarter of 2015, according to Reis, essentially unchanged from the first quarter of 2015 but up 50 basis points over the year. The average asking rent increased 1.7% over the year to $20.49 psf, and the average effective rent rose 1.8% to $18.22 psf. The fourth quarter increases of 0.2% and 0.3%, respectively, were the smallest of the year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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