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Regional Summaries

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Philadelphia, PA

Apartment
A development boom has caused vacancy and concessions to increase in the 217,838-unit metro Philadelphia apartment market but only slightly. The fourth quarter 2017 vacancy rate in the Philadelphia area is just 3.9%, according to Reis, up just 20 basis points during the year and during the quarter alone. In 2017, PhiladelphiaÂ’s average asking rent increased 4.0% to $1,290 per month, above the Northeast regionÂ’s 3.9% gain and nearly matching the U.S. increase of 4.2%. But the average effective rent rose just 2.1% to $1,246 per month, as concessions expanded. That is less than the 3.0% increase in household average income, according to MoodyÂ’s Economy.com. The fourth quarter gains were 0.4% asking and 0.3% effective. VIEW APARTMENT LISTINGS >
Industrial
The 251-million-square-foot metro Philadelphia warehouse/distribution market had a huge year in 2017, with massive net absorption and very high rent gains compared with overall inflation. Development was also strong, but not as strong as it could be if more sites were available, and vacancy fell. Reis reports a 7.1% vacancy rate for warehouse/distribution space in metro Philadelphia for the fourth quarter of 2017, down 100 basis points over the year but up 10 in the fourth quarter. The rate was essentially unchanged in January 2018. Metro Philadelphia warehouse/distribution rents surged in 2017, with the average asking rent up 4.1% to $4.85 psf and the average effective rent up 4.4% to $4.49 psf. The fourth quarter gains were 1.3% and 1.4%, respectively. The effective average slipped a penny in January 2018. The 48-million-square-foot Flex/R&D market, while not booming, was also solidly in the plus column over the year. The Flex/R&D vacancy rate is also in the single digits at 9.5%, down 60 basis points during 2017 though up 20 during the fourth quarter. The January 2018 rate is also 9.5%. Metro PhiladelphiaÂ’s Flex/R&D rent gains are moderate but positive. In 2017, the average asking rent increased 2.1% to $7.62 psf, and the average effective rent rose 2.3% to $6.99 psf, including respective fourth quarter gains of 0.5% and 0.6%. The effective average saw a drop of one cent in January 2018. VIEW INDUSTRIAL LISTINGS >
Office
The 111.6-million-square-foot general purpose multi-tenant metro Philadelphia office market suffered a setback in 2017, as net absorption was slightly negative despite the addition of a significant amount of new supply. Rents rose moderately. Reis reports a 12.9% vacancy rate for the fourth quarter of 2017, essentially unchanged from the prior quarter but up 70 basis points from a year earlier. The average asking rent increased 1.9% during 2017 to $27.29 psf, with the average effective rent up 2.1% to $22.46 psf. The fourth quarter gains were 0.7% and 0.8%, respectively. VIEW OFFICE LISTINGS >
Retail
Metro PhiladelphiaÂ’s 62.5-million-square-foot community-neighborhood shopping center market was remarkably balanced in 2017 amidst the retail tumult, with modest new supply and net absorption, flat vacancy, and moderate rent gains. Reis reports a fourth quarter 2017 community-neighborhood center vacancy rate of 10.0%, unchanged from a year earlier and down 20 basis points for the quarter alone. For community-neighborhood centers, the average asking rent increased 2.3% during 2017 to $21.28 psf, with the average effective rent up 2.5% to $18.97 psf. Despite the fact that no expensive new supply hit the market in the fourth quarter to lift the average, gains for that quarter were 0.8% asking and 0.9% effective. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

Coldwell Banker Commercial® Blue Book

The Coldwell Banker Commercial® (CBC) organization is proud to present its’ 2017 Year-End Blue Book!

The Blue Book is a helpful market report with information brought to you by the true “on the ground” experts – the professionals of the Coldwell Banker Commercial organization from all over the world.

CBC-affiliated professionals represent one of the largest commercial real estate footprints in the U.S.  The Blue Book brings their local market feedback directly to you with up-to-date commercial real estate research covering 130+ Primary, Secondary, Tertiary & International markets. If you are thinking of investing in alternative markets, the Blue Book is your go-to resource for local commercial real estate market data!

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