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Regional Summaries

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Philadelphia, PA

Apartment
Rent gains continue to outpace income gains in the 223,458-unit metro Philadelphia apartment market, as a development boom by local standards is still small relative to the large metro area inventory, and the vacancy rate remains low. Reis reports a vacancy rate of 4.2% here for the first quarter of 2019, down 10 basis points from the prior quarter but up 10 from a year earlier. During the first quarter of 2019 the average asking rent increased just 0.4% to $1,379 per month, with the average effective rent up 0.3% to $1,316 per month. The year-over-year gains are still large at 4.9% and 4.1%, respectively. VIEW APARTMENT LISTINGS >
Industrial
The 251.5-million-square-foot Reis metro Philadelphia warehouse/distribution market had been booming, but it slowed in 2018 and had a big setback in the first quarter of 2019, with negative net absorption. Reis reports a 7.4% vacancy rate for warehouse/distribution space in metro Philadelphia for the first quarter of 2019, up 30 basis points from the prior quarter and up 20 from a year earlier. For warehouse/distribution space, the first quarter saw the average asking rent increase 0.8% to $4.97 psf and the average effective rent rise 0.7% to $4.60 psf. The year-over-year gains are 2.3% and 2.4%, respectively. Demand had already turned negative in the 48.2-million-square-foot Flex/R&D market last year. The local Flex/R&D vacancy rate is 10.4%, up 10 basis points over three months and up 110 over twelve months. The gains are smaller for Metro PhiladelphiaÂ’s Flex/R&D rents, but still in the plus column. During the first quarter, the asking average rose 0.4% to $7.70 psf and average effective rent increased 0.6% to $7.07 psf. That accounts for most of the year-over-year gains of 0.5% and 0.7%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 113-million-square-foot metro Philadelphia general purpose, multi-tenant office market got weaker in the first quarter of 2019, as net absorption turned negative and the vacancy rate increased. Reis reports a 13.4% vacancy rate for the first quarter of 2019, up 10 basis points for the period and up 40 from a year earlier. While net absorption was negative in the first quarter, rent gains were positive according to Reis. Both the average asking rent and the average effective rent increased 0.7% over the quarter, to $27.64 psf and $22.76 psf, respectively. The year-over-year gain, however, is just 1.1% by both measures. VIEW OFFICE LISTINGS >
Retail
Reis reports a first quarter 2019 community-neighborhood shopping center vacancy rate of 11.1% in metro Philadelphia, down 20 basis points for the first quarter but still up 110 basis points from a year earlier. The year-end 2018 rate of 11.3% is the highest Reis has ever recorded in this market, and stands as the high for the cycle. For community-neighborhood shopping center rents, the only good quarter of the past five was the fourth quarter of 2018, when the average asking rent increased 0.3% and the average effective rent rose 0.4%. Those were also the gains for 2018 as a whole. During the first quarter of 2019 average rents remained at $21.35 psf asking and $19.04 psf effective, with a year-over-year gain of 0.3% by both measures. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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