State of the Suburban Philadelphia Industrial Market: An owner and redeveloper’s perspective
With over 45 years of experience as an industrial real estate owner/operator and redeveloper, Industrial Investments, Inc. has lived through the ups and downs of the local industrial market and is in a position to take a broad view of the current market. In short, we have rarely seen the suburban Philadelphia/South Jersey industrial market in such a strong position. Suburban Philadelphia has experienced substantial tenant demand for space in recent years, resulting in a rising rent environment and a flood of new capital into prospective opportunities for industrial real estate development. Deals are moving at a rapid pace as tenants are seeking to secure space in a tight market. Our portfolio in suburban Philadelphia has seen significant interest in larger facilities near major roadways and distribution networks from companies seeking premier locations for both manufacturing and warehousing/distribution space. Eastern Pennsylvania’s network of major roadways provides a gateway to the surrounding metropolitan areas that has made suburban Philadelphia a prime location for regional company headquarters and distribution facilities for the mid-Atlantic region. In particular, the additional growth and expansion of King of Prussia as a diversifying market has helped to raise the appeal of the region to prospective tenants.