Despite a deceleration of occupancy growth, overall demand persisted with over 2.2 million sq. ft. of leasing activity during the quarter now totalling over 14 million sq. ft. year-to-date.
As expected, e-commerce companies such as Amazon.com and Aosom made up the majority of leasing activity committing to space across the Metro Philadelphia industrial market.
Pricing continued to rise from an asking rent perspective as New Castle County realized its new historic high average asking lease rate of $7.74/sq. ft.
Capital investment volumes realized an uptick in activity, quarter-over-quarter, as investors sought out the consistent returns of recession-proof, stabilized industrial assets.