WAYNE, PA — Newmark Knight Frank (NKF) released its fourth-quarter 2019 industrial market reports for Greater Philadelphia and the I-81/78 Corridor. Both markets hit notable milestones in the final quarter of the decade. The I-81/78 Corridor realized 6.2 million s/f of positive net absorption, the single largest quarterly total in this economic cycle. In the Greater Philadelphia industrial market, 5.6 million s/f of new industrial product delivered, the largest quarterly addition to the inventory in the 21st century to date.
In the I-81/78 Corridor industrial market, the fourth quarter of 2019 had numerous large occupancies of recently-delivered speculative and build-to-suit warehouses, including DHL’s arrival at the 1.0 million s/f warehouse located at 84 Zions View Dr. This marked the region’s most significant fourth-quarter occupancy. The heightened activity brought the market’s vacancy rate below the 8.0% mark attained in the third quarter, to close the year at 7.8%.