"The increase in tenant leasing and sales activity [in the region] indicates that owners of industrial properties are willing to make deals, given the favorable financing conditions," the report states. The researchers characterize the overall region as "positioned to continue a mild but steady pace of positive momentum."
Seven of the counties in the region are in PA; one is in DE, and the others are in NJ. Industrial vacancy is highest in Lehigh Valley, PA, where it stands at 15.8%, according to CBRE. The average asking rental rate there is $4.49 per sf.
The Philadelphia County, PA, vacancy rate is 12.9%, and its average asking rental rate, $3.11 per sf, is lowest of all the counties. By contrast, Chester County, PA has the lowest industrial vacancy rate, 4.8%, and the average asking rental rate, according to CBRE, is $5.48 per sf. Montgomery County, PA, with a vacancy rate of 10.9%, commands the highest average asking rental rate in the region, $6.33 per sf.
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