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Pennsylvania

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Market Overview

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EXPLORE 7 Pennsylvania MARKETSToggle markets

Allentown
Harrisburg
Northern New Jersey
Philadelphia
Pittsburgh
Suburban Maryland
Wilmington

Allentown

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 6.3%

Tenth lowest in the nation, and the second in the Northeast region, behind only New York Metro.
Drifted downward by 10 basis points.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $6.26

Up 0.3% from year-end 2018.
Expected to finish 2019 at.

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Learn more about the Pennsylvania markets from one of our professionals.

Harrisburg

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 17.0%

Increased by 100 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $5.54

Flat since year-end 2018.
Expected to finish 2019 at.

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Learn more about the Pennsylvania markets from one of our professionals.

Northern New Jersey

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VACANCY

Apartment

Average Vacancy Rate 4.9%

Drifted downward by 10 basis points.
Expected to finish 2020 at 6.8%.

Distribution / Warehousing

Average Vacancy Rate 9.7%

Rose by 50 basis points.
Highest level since year-end 2016.
Expected to finish 2020 at 11.4%.

Flex / R&D

Average Vacancy Rate 10.3%

Increased by 60 basis points.
Highest level since Q1 2015.
Expected to finish 2020 at 10.9%.

Office

Average Vacancy Rate 21.7%

Drifted downward by 10 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 24.0%.

Retail

Average Vacancy Rate 8.6%

Drifted downward by 10 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 10.9%.

RENT

Apartment

Average Asking Rent $2,061

Down 0.8% from Q1 2020.
Expected to finish 2020 at $2,037.

Distribution / Warehousing

Average Asking Rent $6.67

Down 0.1% from Q1 2020.
Expected to finish 2020 at $6.38.

Flex / R&D

Average Asking Rent $9.41

Down 0.1% from Q1 2020.
Expected to finish 2020 at $8.92.

Office

Average Asking Rent $29.95

Down 0.4% from Q1 2020.
Expected to finish 2020 at $29.50.

Retail

Average Asking Rent $29.70

Down 0.5% from Q1 2020.
Expected to finish 2020 at $27.40.

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Learn more about the Pennsylvania markets from one of our professionals.

Philadelphia

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VACANCY

Apartment

Average Vacancy Rate 4.0%

Drifted upward by 10 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 5.2%.

Distribution / Warehousing

Average Vacancy Rate 7.9%

Drifted downward by 20 basis points.
Expected to finish 2020 at 9.6%.

Flex / R&D

Average Vacancy Rate 10.3%

Drifted upward by 20 basis points.
Expected to finish 2020 at 11.5%.

Office

Average Vacancy Rate 14.1%

Tenth lowest in the nation and the fourth lowest in the Northeast.
Has risen for seven consecutive quarters.
Highest level since year-end 2013.

Retail

Average Vacancy Rate 11.4%

Drifted upward by 20 basis points.
Expected to finish 2020 at 14.1%.

RENT

Apartment

Average Asking Rent $1,450

Fastest rent growth in the Northeast region, tenth most rapid in the nation.
Has risen in every quarter since Q1 2010.
Expected to finish 2020 at $1,415.

Distribution / Warehousing

Average Asking Rent $5.01

Fastest rent growth in the Northeast region, twelfth most rapid in the nation.
Expected to finish 2020 at $4.81.

Flex / R&D

Average Asking Rent $7.81

Down 0.3% from Q1 2020.
Expected to finish 2020 at $7.50.

Office

Average Asking Rent $28.41

Down 0.3% from Q1 2020.
Expected to finish 2020 at $27.72.

Retail

Average Asking Rent $21.57

Down 0.5% from Q1 2020.
Expected to finish 2020 at $20.21.

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Learn more about the Pennsylvania markets from one of our professionals.

Pittsburgh

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VACANCY

Apartment

Average Vacancy Rate 3.6%

Eighth lowest in the nation and the third lowest in the Northeast.
No change since Q1 2020.
Lowest level since year-end 2014.

Distribution / Warehousing

Average Vacancy Rate 8.8%

Drifted downward by 20 basis points.
Expected to finish 2020 at 10.7%.

Flex / R&D

Average Vacancy Rate 18.3%

Highest in the nation.
Increased by 100 basis points.
Expected to finish 2020 at 19.6%.

Office

Average Vacancy Rate 19.3%

Drifted downward by 10 basis points.
Expected to finish 2020 at 21.7%.

Retail

Average Vacancy Rate 11.5%

Has risen for six consecutive quarters.
Highest level since Q2 2007.
Expected to finish 2020 at 13.8%.

RENT

Apartment

Average Asking Rent $1,151

Up 0.2% from Q1 2020.
Has risen for ten consecutive quarters.
Expected to finish 2020 at $1,124.

Distribution / Warehousing

Average Asking Rent $4.76

Down 0.4% from Q1 2020.
Expected to finish 2020 at $4.49.

Flex / R&D

Average Asking Rent $8.59

Fifth fastest rent growth in the nation, and the second in the Northeast region, behind only Long Island.
Has risen in every quarter since Q1 2014.
Expected to finish 2020 at $8.00.

Office

Average Asking Rent $22.89

Up 0.1% from Q1 2020.
Expected to finish 2020 at $22.58.

Retail

Average Asking Rent $18.06

Down 0.6% from Q1 2020.
Expected to finish 2020 at $17.20.

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Learn more about the Pennsylvania markets from one of our professionals.

Suburban Maryland

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VACANCY

Apartment

Average Vacancy Rate 3.7%

Lowest in the South Atlantic region, twelfth lowest in the nation.
Drifted upward by 10 basis points.
Expected to finish 2020 at 4.9%.

Distribution / Warehousing

Average Vacancy Rate 10.0%

Drifted upward by 40 basis points.
Highest level since Q3 2016.
Expected to finish 2020 at 11.4%.

Flex / R&D

Average Vacancy Rate 8.7%

Drifted upward by 40 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 9.3%.

Office

Average Vacancy Rate 18.7%

Drifted downward by 30 basis points.
Lowest level since Q2 2018.
Expected to finish 2020 at 20.7%.

Retail

Average Vacancy Rate 7.4%

Drifted upward by 20 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 9.5%.

RENT

Apartment

Average Asking Rent $1,640

Flat since Q1 2020.
Expected to finish 2020 at $1,602.

Distribution / Warehousing

Average Asking Rent $8.28

Up 0.4% from Q1 2020.
Expected to finish 2020 at $7.99.

Flex / R&D

Average Asking Rent $12.31

Up 0.4% from Q1 2020.
Has risen in every quarter since Q2 2013.
Expected to finish 2020 at $11.65.

Office

Average Asking Rent $29.92

Down 0.1% from Q1 2020.
Expected to finish 2020 at $29.23.

Retail

Average Asking Rent $28.12

Down 0.5% from Q1 2020.
Expected to finish 2020 at $25.86.

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Learn more about the Pennsylvania markets from one of our professionals.

Wilmington

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 6.2%

Fell by 130 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2018 at.

RENT

Distribution / Warehousing

Average Asking Rent $6.77

Up 1.2% from Q2 2018.
Expected to finish 2018 at.

Learn more about the Pennsylvania markets from one of our professionals

Learn more about the Pennsylvania markets from one of our professionals.