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  • Writer's pictureE.R.Cornwell

Navigating the Industrial Space Market: The Average Asking Lease Rate in the Philadelphia Area

The industrial sector has seen remarkable growth and development in recent years, and the Philadelphia area is no exception. As a thriving economic hub with a strong manufacturing and logistics base, Philadelphia attracts businesses seeking prime industrial space. For entrepreneurs, investors, and professionals involved in this dynamic industry, understanding the average asking lease rate for industrial space in the Philadelphia area is essential. In this blog post, we will explore the current state of the industrial space market in Philadelphia and shed light on the aggregate average asking lease rate.


Understanding the Industrial Space Market in Philadelphia:

The Philadelphia area is renowned for its well-connected transportation infrastructure, including an extensive highway system, rail networks, and proximity to major ports and airports. These advantages, coupled with a diverse range of industries and a skilled workforce, have contributed to the growth of the industrial sector in the region.


Factors Affecting Lease Rates:

When determining lease rates for industrial space, several factors come into play. These factors include location, property size, condition, amenities, and the prevailing market conditions. The industrial space market is known for its flexibility, offering a wide range of options to cater to various businesses, from manufacturing facilities to warehousing and distribution centers.


Average Asking Lease Rates:

While lease rates can vary significantly based on factors mentioned earlier, we can provide a general idea of the aggregate average asking lease rate for industrial space in the Philadelphia area. As of our knowledge cutoff in September 2021, the average asking lease rate for industrial space in Philadelphia ranged from $4 to $9 per square foot annually.


However, it's important to note that lease rates are subject to change over time due to market conditions and other factors. To obtain the most accurate and up-to-date information on the current average asking lease rate for industrial space in the Philadelphia area, it is advisable to consult with local real estate professionals or market reports provided by reputable organizations.


Market Trends and Future Outlook:

As the industrial sector continues to evolve, the Philadelphia area has witnessed growing demand for industrial space. The rise of e-commerce and the increased need for efficient supply chain management have contributed to this trend. Additionally, the ongoing redevelopment of older industrial buildings into modern and adaptive reuse spaces has breathed new life into the market, attracting businesses of all sizes.


Looking ahead, experts anticipate sustained growth in the industrial space market in the Philadelphia area. Factors such as the city's strategic location, robust transportation infrastructure, and a favorable business environment position Philadelphia as a sought-after destination for industrial operations.


Conclusion:

The industrial space market in the Philadelphia area presents exciting opportunities for businesses seeking to establish or expand their presence in the region. While the average asking lease rate for industrial space in Philadelphia ranges from $4 to $9 per square foot annually, it is crucial to conduct thorough research and engage with local real estate professionals to obtain accurate and updated information.


As the market evolves, staying informed about current trends and changes will be key to making informed decisions. By leveraging the advantages offered by the Philadelphia area's industrial landscape, businesses can position themselves for success and contribute to the region's economic growth and development.


Let our team help you make the right decision on your next industrial investment or location. info@cornwell.co / 480-951-1212

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