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Pennsylvania
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BACK TO INSIGHTSEXPLORE 7 Pennsylvania MARKETSToggle markets
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.
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.
VACANCY
Apartment
The average Vacancy Rate was 6.2% in the Northern New Jersey market
- No vacancy change since Q2 2024 in the Northern New Jersey market.
- The Northern New Jersey market had the highest vacancy level since Q2 2022.
- Vacancy is expected to finish 2024 at 6.0% in the Northern New Jersey market.
Distribution / Warehousing
The average Vacancy Rate was 4.4% in the Northern New Jersey market
- No vacancy change since Q2 2024 in the Northern New Jersey market.
- Vacancy is expected to finish 2024 at 4.3% in the Northern New Jersey market.
Flex / R&D
The average Vacancy Rate was 6.1% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market rose by 120 basis points.
- The Northern New Jersey market had the highest vacancy level since Q2 2022.
- Vacancy is expected to finish 2024 at 6.0% in the Northern New Jersey market.
Office
The average Vacancy Rate was 21.4% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market fell by 60 basis points.
- The Northern New Jersey market had the lowest vacancy level since Q3 2022.
- Vacancy is expected to finish 2024 at 21.7% in the Northern New Jersey market.
Retail
The average Vacancy Rate was 7.8% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 30 basis points.
- The Northern New Jersey market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 7.8% in the Northern New Jersey market.
RENT
Apartment
The average Asking Rent was $2,533 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 1.0% from Q2 2024.
- Rent is expected to finish 2024 at $2,544 in the Northern New Jersey market.
Distribution / Warehousing
The average Asking Rent was $9.53 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.6% from Q2 2024.
- Rent has risen in every quarter since Q2 2020 in the Northern New Jersey market.
- Rent is expected to finish 2024 at $9.63 in the Northern New Jersey market.
Flex / R&D
The average Asking Rent was $13.69 in the Northern New Jersey market
- The Northern New Jersey market had the fastest rent growth in the Northeast region, fourth most rapid in the nation.
- Rent has risen in every quarter since Q2 2020 in the Northern New Jersey market.
- Rent is expected to finish 2024 at $13.82 in the Northern New Jersey market.
Office
The average Asking Rent was $30.58 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.3% from Q2 2024.
- Rent is expected to finish 2024 at $30.70 in the Northern New Jersey market.
Retail
The average Asking Rent was $29.80 in the Northern New Jersey market
- Rent in the Northern New Jersey market was down 0.1% from Q2 2024.
- Rent is expected to finish 2024 at $29.84 in the Northern New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 5.3% in the Philadelphia metro
- Vacancy in the Philadelphia metro has risen for six consecutive quarters.
- The Philadelphia metro had the highest vacancy level since year-end 2010.
- Vacancy is expected to finish 2024 at 5.2% in the Philadelphia metro.
Distribution / Warehousing
The average Vacancy Rate was 6.5% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 6.4% in the Philadelphia metro.
Flex / R&D
The average Vacancy Rate was 4.0% in the Philadelphia metro
- The Philadelphia metro had the tenth lowest vacancy in the nation, and the second in the Northeast region, behind only Central New Jersey.
- Vacancy in the Philadelphia metro drifted upward by 30 basis points.
- The Philadelphia metro had the highest vacancy level since Q2 2022.
Office
The average Vacancy Rate was 17.2% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 10 basis points.
- The Philadelphia metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 17.3% in the Philadelphia metro.
Retail
The average Vacancy Rate was 10.4% in the Philadelphia metro
- Vacancy in the Philadelphia metro declined by 50 basis points.
- The Philadelphia metro had the lowest vacancy level since Q1 2018.
- Vacancy is expected to finish 2024 at 10.6% in the Philadelphia metro.
RENT
Apartment
The average Asking Rent was $1,789 in the Philadelphia metro
- The Philadelphia metro had the fourth fastest rent growth in the nation, and the second in the Northeast region, behind only Buffalo.
- Philadelphia metro had its fastest rent rate of increase in eight quarters.
- Rent is expected to finish 2024 at $1,802 in the Philadelphia metro.
Distribution / Warehousing
The average Asking Rent was $7.06 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.9% from Q2 2024.
- Rent has risen in every quarter since year-end 2020 in the Philadelphia metro.
- Rent is expected to finish 2024 at $7.14 in the Philadelphia metro.
Flex / R&D
The average Asking Rent was $10.62 in the Philadelphia metro
- Rent in the Philadelphia metro was up 1.0% from Q2 2024.
- Rent has risen in every quarter since Q2 2020 in the Philadelphia metro.
- Rent is expected to finish 2024 at $10.74 in the Philadelphia metro.
Office
The average Asking Rent was $29.39 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.2% from Q2 2024.
- Rent is expected to finish 2024 at $29.49 in the Philadelphia metro.
Retail
The average Asking Rent was $21.74 in the Philadelphia metro
- The Philadelphia metro had the tenth fastest rent growth in the nation, and the second in the Northeast region, behind only Providence.
- Rent is expected to finish 2024 at $21.79 in the Philadelphia metro.
VACANCY
Apartment
The average Vacancy Rate was 4.5% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2024 at 4.7% in the Pittsburgh metro.
Distribution / Warehousing
The average Vacancy Rate was 3.9% in the Pittsburgh metro
- No vacancy change since Q2 2024 in the Pittsburgh metro.
- Vacancy is expected to finish 2024 at 3.9% in the Pittsburgh metro.
Flex / R&D
The average Vacancy Rate was 12.8% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted upward by 30 basis points.
- The Pittsburgh metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 12.5% in the Pittsburgh metro.
Office
The average Vacancy Rate was 21.8% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro fell by 60 basis points.
- Vacancy is expected to finish 2024 at 22.4% in the Pittsburgh metro.
Retail
The average Vacancy Rate was 11.9% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted upward by 30 basis points.
- Vacancy is expected to finish 2024 at 11.5% in the Pittsburgh metro.
RENT
Apartment
The average Asking Rent was $1,374 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.2% from Q2 2024.
- Rent is expected to finish 2024 at $1,381 in the Pittsburgh metro.
Distribution / Warehousing
The average Asking Rent was $5.64 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.7% from Q2 2024.
- Pittsburgh metro had its fastest rent rate of increase in four quarters.
- Rent Has risen for eleven consecutive quarters in the Pittsburgh metro.
Flex / R&D
The average Asking Rent was $10.07 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 1.0% from Q2 2024.
- Pittsburgh metro had its fastest rent rate of increase in five quarters.
- Rent has risen in every quarter for the past three years in the Pittsburgh metro.
Office
The average Asking Rent was $24.37 in the Pittsburgh metro
- The Pittsburgh metro remained flat rent since Q2 2024.
- Rent is expected to finish 2024 at $24.44 in the Pittsburgh metro.
Retail
The average Asking Rent was $18.53 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.5% from Q2 2024.
- Rent Has risen for eight consecutive quarters in the Pittsburgh metro.
- Rent is expected to finish 2024 at $18.60 in the Pittsburgh metro.
VACANCY
Apartment
The average Vacancy Rate was 4.1% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 10 basis points.
- The Suburban Maryland market had the highest vacancy level since year-end 2021.
- Vacancy is expected to finish 2024 at 4.2% in the Suburban Maryland market.
Distribution / Warehousing
The average Vacancy Rate was 4.8% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 10 basis points.
- Vacancy is expected to finish 2024 at 4.8% in the Suburban Maryland market.
Flex / R&D
The average Vacancy Rate was 5.9% in the Suburban Maryland market
- No vacancy change since Q2 2024 in the Suburban Maryland market.
- The Suburban Maryland market had the highest vacancy level since Q2 2022.
- Vacancy is expected to finish 2024 at 5.8% in the Suburban Maryland market.
Office
The average Vacancy Rate was 20.9% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market declined by 50 basis points.
- Vacancy is expected to finish 2024 at 21.1% in the Suburban Maryland market.
Retail
The average Vacancy Rate was 7.4% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted downward by 20 basis points.
- The Suburban Maryland market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 7.4% in the Suburban Maryland market.
RENT
Apartment
The average Asking Rent was $1,824 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.3% from Q2 2024.
- Rent is expected to finish 2024 at $1,832 in the Suburban Maryland market.
Distribution / Warehousing
The average Asking Rent was $10.87 in the Suburban Maryland market
- The Suburban Maryland market had the third fastest rent growth in the nation, and the second in the South Atlantic region, behind only Memphis.
- Suburban Maryland market had its fastest rent rate of increase in five quarters.
- Rent has risen in every quarter since Q1 2021 in the Suburban Maryland market.
Flex / R&D
The average Asking Rent was $16.40 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 1.3% from Q2 2024.
- Suburban Maryland market had its fastest rent rate of increase in five quarters.
- Rent has risen in every quarter since Q2 2013 in the Suburban Maryland market.
Office
The average Asking Rent was $31.09 in the Suburban Maryland market
- The Suburban Maryland market remained flat rent since Q2 2024.
- Rent is expected to finish 2024 at $31.17 in the Suburban Maryland market.
Retail
The average Asking Rent was $28.40 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.4% from Q2 2024.
- Rent Has risen for seven consecutive quarters in the Suburban Maryland market.
- Rent is expected to finish 2024 at $28.52 in the Suburban Maryland market.
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.