Rents, Costs Move at Record Paces Throughout Mid-Atlantic Industrial Market

By Taylor Williams Industrial brokers and developers throughout New Jersey and Eastern Pennsylvania are flush with tenant demand, but the frenetic pace and frequency at which revenues and costs change in this market has introduced a whole new set of operating challenges. In terms of the supply side of the market, developers of industrial product, like those of every other property type, have been squeezed by supply chain disruption. Prices and lead times for ordering key materials change …

April 19, 2022Industrial, Market Reports, New Jersey, Northeast, Northeast Market Reports, Pennsylvania

Philadelphia’s Emergence as Life Sciences Hub Creates Mad Dash For Lab Space

By: Jamie Rash, Regional Director, Keystone Development + InvestmentTalk about a spark.When Spark Therapeutics announced plans at the end of last year to develop a $575 million gene therapy manufacturing plant in Philadelphia, it ignited the city’s evolution into a destination for the largest, most innovative life sciences firms in the world.Over $1 billion in venture capital (VC) investment is pouring into more than 50 Philadelphia life sciences companies that employ some 20,000 …

March 2, 2022Life Sciences, Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Three Key Trends to Watch in the Philadelphia Multifamily Market in 2022

By Gary Holloway Jr, president, GMH Communities The COVID-19 pandemic served as an accelerator for transforming the Philadelphia multifamily market. Overnight, property owners and managers had to quickly adapt and find new ways to serve their residents while prioritizing their safety and following all of the guidelines from the Centers for Disease Control and Prevention (CDC). As we head into 2022, the pandemic will continue to influence what prospective tenants expect from their apartment …

December 9, 2021Market Reports, Multifamily, Northeast, Northeast Market Reports, Pennsylvania

Philadelphia’s Growing Demand for Industrial Space: Is There an End in Sight?

By Richard Gorodesky, SIOR, senior managing director, Colliers International; and Adam Gorodesky, associate, Colliers InternationalCommercial real estate is historically a cyclical business. There is a fairly predictable pattern of oversupply, recession, recovery and finally expansion before starting all over again. While the cycle isn’t always this cleanly defined, it generally follows this pattern, and has done so for decades.While this formula can be very useful for understanding …

October 15, 2021Industrial, Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Downtown Philly Retailers, Restaurants Wait Out Delta Variant

By Taylor Williams Relative to a year ago, life is much better right now for many retailers and restaurants in Philadelphia’s Center City district, but the recent surge of transmission of the Delta variant is keeping a key ingredient of the demand recipe at bay: office users. According to CBRE’s second-quarter report on the Philadelphia office market, the most current data available at the time of this writing, the marketwide vacancy rate was 18.9 percent at the end of that period. …

October 8, 2021Market Reports, Northeast, Northeast Market Reports, Pennsylvania, Restaurant, Retail

Demand Floods Mid-Atlantic Industrial Market

By Taylor Williams Demand for industrial space continues to surge throughout New Jersey and eastern Pennsylvania, prompting developers to undertake more projects on a speculative basis and avail themselves to the classic mantra of “If you build it, they will come.” E-commerce users, spanning every industry from building materials to electronics to food, continue to spearhead the demand side of the equation. According to the U.S. Census Bureau, in 2020, a year in which a global health …

May 18, 2021Industrial, Market Reports, New Jersey, Northeast, Northeast Market Reports, Pennsylvania

Pittsburgh Development Landscape Favors More Multifamily, Adaptive Reuse Projects

By Mark Fogel, president and CEO, ACRES Capital As the state’s second-most populous metro, the Pittsburgh MSA is the anchor of western Pennsylvania. Over the last 20 years, Pittsburgh has pivoted and evolved into a hub for the healthcare, education and technology industries, thus attracting an influx of young, high-earning millennials. Over the last 10 years, Pittsburgh has undergone an economic resurgence. Firms such as Google and Uber have opened regional headquarters in the city, lured …

May 11, 2021Market Reports, Multifamily, Northeast, Northeast Market Reports, Pennsylvania

Pittsburgh Industrial Market Displays Resilience, Sees More Development

By Justin Brown, director of research, Cushman & Wakefield | Grant Street Associates Inc. While the last year has been extremely challenging, one bright spot within Pittsburgh’s commercial real estate markets has been the industrial sector, the resiliency of which cannot be overstated. Consistent increases in asking rents, flat vacancy rates and positive levels of absorption have been the norms for the past few quarters. Like many metros, the Pittsburgh industrial market saw very strong …

May 7, 2021Industrial, Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Pitfalls, Opportunities Abound Within Pittsburgh’s Property Tax Code

By Brendan Kelly, associate, Siegel Jennings Over the past decade, Mr. Rogers’ adopted hometown of Pittsburgh has been named the most livable city in the continental United States — a hipster haven, tech hub and other trendy titles. Affordable housing stock in a stable real estate market, access to the arts in an established cultural community and world-class healthcare and higher education place the Steel City at the forefront of medicine and robotics. This attention has drawn real …

November 13, 2020Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Philly Retail Market Responds to COVID-19

By Taylor Williams What a difference a year makes. Around this time in 2019, the Philadelphia retail market was experiencing something of a Renaissance. Driven by forward-thinking projects in chic neighborhoods, such as Fashion District Philadelphia, as well as the delivery of new phases of retail at destinations like Schuylkill Yards and the Philadelphia Navy Yard, the market was embracing new users, customers and spaces alike. The evolution of Philly’s retail market at this time …

October 9, 2020Market Reports, Northeast, Northeast Market Reports, Pennsylvania, Retail