Of the five PA area submarkets, Delaware County has the highest vacancy rate at 11.5%, and Philadelphia County has the lowest at just 4.6%. No new projects are under construction in either county. In Philadelphia County, the average asking rental rate is $4.16 per sf for industrial space and $8.78 per sf for flex space. In Delaware County, the asking averages are $5.14 per sf and $9.14 per sf, respectively, for industrial and flex space.
In Montgomery County, the vacancy rate is 10.4%, and 141,250 sf is under construction, according to Guerrieri's research. Average asking rental rates there are $5.03 per sf for industrial space and $10.04 per sf for flex space.
Just 20,000 sf of industrial construction is under way in Chester County, where the vacancy rate stands at 5%. This county has the highest average asking rental rates of the five PA submarkets. The rate for industrial space averages $6.41 per sf, while the average for flex space is $10.06 per sf.
Approximately 282,000 sf of industrial space is under construction in Bucks County where the vacancy rate is 8.2%. The industrial rental rate averages $5.11 per sf, and the average asking rate for flex space is $9.60 per sf.
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