Insights
Pennsylvania
BACK TO INSIGHTSMarket Overview
BACK TO INSIGHTSEXPLORE 4 Pennsylvania MARKETSToggle markets
VACANCY
Apartment
The average Vacancy Rate was 7.0% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted upward by 30 basis points.
- The Northern New Jersey market had the highest vacancy level since year-end 1994.
- Vacancy is expected to finish 2025 at 7.1% in the Northern New Jersey market.
Distribution / Warehousing
The average Vacancy Rate was 4.5% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted upward by 10 basis points.
- Vacancy is expected to finish 2025 at 4.3% in the Northern New Jersey market.
Flex / R&D
The average Vacancy Rate was 6.0% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 10 basis points.
- Vacancy is expected to finish 2025 at 5.6% in the Northern New Jersey market.
Office
The average Vacancy Rate was 21.4% in the Northern New Jersey market
- No vacancy change since Q3 2024 in the Northern New Jersey market.
- The Northern New Jersey market had the lowest vacancy level since Q3 2022.
- Vacancy is expected to finish 2025 at 22.7% in the Northern New Jersey market.
Retail
The average Vacancy Rate was 8.0% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted upward by 20 basis points.
- The Northern New Jersey market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2025 at 8.7% in the Northern New Jersey market.
RENT
Apartment
The average Asking Rent was $2,564 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 1.1% from Q3 2024.
- Rent is expected to finish 2025 at $2,629 in the Northern New Jersey market.
Distribution / Warehousing
The average Asking Rent was $9.61 in the Northern New Jersey market
- The Northern New Jersey market had the fastest rent growth in the Northeast region, twelfth 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 2025 at $9.93 in the Northern New Jersey market.
Flex / R&D
The average Asking Rent was $13.88 in the Northern New Jersey market
- The Northern New Jersey market had the fastest rent growth in the Northeast region, third most rapid in the nation.
- Northern New Jersey market had its fastest rent rate of increase in four quarters.
- Rent has risen in every quarter since Q2 2020 in the Northern New Jersey market.
Office
The average Asking Rent was $30.55 in the Northern New Jersey market
- Rent in the Northern New Jersey market was down 0.1% from Q3 2024.
- Rent is expected to finish 2025 at $31.11 in the Northern New Jersey market.
Retail
The average Asking Rent was $29.89 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.3% from Q3 2024.
- Rent is expected to finish 2025 at $30.06 in the Northern New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 5.6% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted upward by 30 basis points.
- The Philadelphia metro had the highest vacancy level since Q3 2010.
- Vacancy is expected to finish 2025 at 5.5% in the Philadelphia metro.
Distribution / Warehousing
The average Vacancy Rate was 6.9% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted upward by 10 basis points.
- The Philadelphia metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2025 at 6.5% in the Philadelphia metro.
Flex / R&D
The average Vacancy Rate was 3.9% in the Philadelphia metro
- The Philadelphia metro had the lowest vacancy in the Northeast region, ninth lowest in the nation.
- Vacancy in the Philadelphia metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2025 at 3.7% in the Philadelphia metro.
Office
The average Vacancy Rate was 16.9% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 30 basis points.
- The Philadelphia metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2025 at 17.9% in the Philadelphia metro.
Retail
The average Vacancy Rate was 10.4% in the Philadelphia metro
- No vacancy change since Q3 2024 in the Philadelphia metro.
- The Philadelphia metro had the lowest vacancy level since Q1 2018.
- Vacancy is expected to finish 2025 at 10.9% in the Philadelphia metro.
RENT
Apartment
The average Asking Rent was $1,788 in the Philadelphia metro
- Rent in the Philadelphia metro was down 0.2% from Q3 2024.
- Rent is expected to finish 2025 at $1,839 in the Philadelphia metro.
Distribution / Warehousing
The average Asking Rent was $7.10 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.6% from Q3 2024.
- Rent has risen in every quarter since year-end 2020 in the Philadelphia metro.
- Rent is expected to finish 2025 at $7.32 in the Philadelphia metro.
Flex / R&D
The average Asking Rent was $10.72 in the Philadelphia metro
- The Philadelphia metro had the eighth fastest rent growth in the nation, and the second in the Northeast region, behind only Northern New Jersey.
- Rent has risen in every quarter since Q2 2020 in the Philadelphia metro.
- Rent is expected to finish 2025 at $11.04 in the Philadelphia metro.
Office
The average Asking Rent was $29.38 in the Philadelphia metro
- Rent in the Philadelphia metro was down 0.1% from Q3 2024.
- Rent is expected to finish 2025 at $29.70 in the Philadelphia metro.
Retail
The average Asking Rent was $21.81 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.3% from Q3 2024.
- Rent is expected to finish 2025 at $22.01 in the Philadelphia metro.
VACANCY
Apartment
The average Vacancy Rate was 4.6% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2025 at 4.4% in the Pittsburgh metro.
Distribution / Warehousing
The average Vacancy Rate was 3.9% in the Pittsburgh metro
- No vacancy change since Q3 2024 in the Pittsburgh metro.
- Vacancy is expected to finish 2025 at 3.6% in the Pittsburgh metro.
Flex / R&D
The average Vacancy Rate was 12.5% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted downward by 30 basis points.
- The Pittsburgh metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 12.0% in the Pittsburgh metro.
Office
The average Vacancy Rate was 21.9% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2025 at 23.1% in the Pittsburgh metro.
Retail
The average Vacancy Rate was 11.6% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted downward by 40 basis points.
- The Pittsburgh metro had the lowest vacancy level since Q2 2020.
- Vacancy is expected to finish 2025 at 10.9% in the Pittsburgh metro.
RENT
Apartment
The average Asking Rent was $1,390 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 1.1% from Q3 2024.
- Pittsburgh metro had its fastest rent rate of increase in six quarters.
- Rent is expected to finish 2025 at $1,421 in the Pittsburgh metro.
Distribution / Warehousing
The average Asking Rent was $5.67 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.5% from Q3 2024.
- Rent has risen in every quarter for the past three years in the Pittsburgh metro.
- Rent is expected to finish 2025 at $5.83 in the Pittsburgh metro.
Flex / R&D
The average Asking Rent was $10.11 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.4% from Q3 2024.
- Rent has risen in every quarter since Q3 2021 in the Pittsburgh metro.
- Rent is expected to finish 2025 at $10.32 in the Pittsburgh metro.
Office
The average Asking Rent was $24.41 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.1% from Q3 2024.
- Rent is expected to finish 2025 at $24.72 in the Pittsburgh metro.
Retail
The average Asking Rent was $18.59 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.3% from Q3 2024.
- Rent is expected to finish 2025 at $18.92 in the Pittsburgh metro.
VACANCY
Apartment
The average Vacancy Rate was 4.4% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 30 basis points.
- The Suburban Maryland market had the highest vacancy level since year-end 2011.
- Vacancy is expected to finish 2025 at 4.3% in the Suburban Maryland market.
Distribution / Warehousing
The average Vacancy Rate was 4.5% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted downward by 30 basis points.
- Vacancy is expected to finish 2025 at 4.8% in the Suburban Maryland market.
Flex / R&D
The average Vacancy Rate was 5.5% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted downward by 30 basis points.
- The Suburban Maryland market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2025 at 5.2% in the Suburban Maryland market.
Office
The average Vacancy Rate was 21.2% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 30 basis points.
- Vacancy is expected to finish 2025 at 21.4% in the Suburban Maryland market.
Retail
The average Vacancy Rate was 7.6% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 20 basis points.
- The Suburban Maryland market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2025 at 7.7% in the Suburban Maryland market.
RENT
Apartment
The average Asking Rent was $1,832 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.1% from Q3 2024.
- Rent is expected to finish 2025 at $1,877 in the Suburban Maryland market.
Distribution / Warehousing
The average Asking Rent was $10.93 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.3% from Q3 2024.
- Rent has risen in every quarter since Q1 2021 in the Suburban Maryland market.
- Rent is expected to finish 2025 at $11.24 in the Suburban Maryland market.
Flex / R&D
The average Asking Rent was $16.48 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.5% from Q3 2024.
- Rent has risen in every quarter since Q2 2013 in the Suburban Maryland market.
- Rent is expected to finish 2025 at $16.84 in the Suburban Maryland market.
Office
The average Asking Rent was $31.17 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.3% from Q3 2024.
- Rent is expected to finish 2025 at $31.48 in the Suburban Maryland market.
Retail
The average Asking Rent was $28.47 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.2% from Q3 2024.
- Rent Has risen for eight consecutive quarters in the Suburban Maryland market.
- Rent is expected to finish 2025 at $29.06 in the Suburban Maryland market.