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Pennsylvania
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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.
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 6.3% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 10 basis points.
- Vacancy is expected to finish 2023 at 7.0% in the Northern New Jersey market.
Distribution / Warehousing
The average Vacancy Rate was 2.9% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted upward by 10 basis points.
- The Northern New Jersey market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 2.9% in the Northern New Jersey market.
Flex / R&D
The average Vacancy Rate was 3.7% in the Northern New Jersey market
- The Northern New Jersey market had the tenth lowest vacancy in the nation and the eleventh lowest in the Northeast.
- Vacancy in the Northern New Jersey market drifted downward by 10 basis points.
- The Northern New Jersey market had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 21.3% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 21.5% in the Northern New Jersey market.
Retail
The average Vacancy Rate was 7.8% in the Northern New Jersey market
- The Northern New Jersey market had the ninth lowest vacancy in the nation and the eighth lowest in the Northeast.
- No vacancy change since Q1 2023 in the Northern New Jersey market.
- Vacancy is expected to finish 2023 at 8.0% in the Northern New Jersey market.
RENT
Apartment
The average Asking Rent was $2,489 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 2.1% from Q1 2023.
- Rent is expected to finish 2023 at $2,560 in the Northern New Jersey market.
Distribution / Warehousing
The average Asking Rent was $9.10 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 1.7% from Q1 2023.
- Rent has risen in every quarter for the past three years in the Northern New Jersey market.
- Rent is expected to finish 2023 at $9.66 in the Northern New Jersey market.
Flex / R&D
The average Asking Rent was $12.85 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 2.5% from Q1 2023.
- Rent has risen in every quarter for the past three years in the Northern New Jersey market.
- Rent is expected to finish 2023 at $13.56 in the Northern New Jersey market.
Office
The average Asking Rent was $30.36 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $30.64 in the Northern New Jersey market.
Retail
The average Asking Rent was $29.66 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $29.73 in the Northern New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 4.2% in the Philadelphia metro
- No vacancy change since Q1 2023 in the Philadelphia metro.
- Vacancy is expected to finish 2023 at 4.5% in the Philadelphia metro.
Distribution / Warehousing
The average Vacancy Rate was 2.9% in the Philadelphia metro
- The Philadelphia metro had the tenth lowest vacancy in the nation and the twelfth lowest in the Northeast.
- Vacancy in the Philadelphia metro fell by 80 basis points.
- The Philadelphia metro had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 3.1% in the Philadelphia metro
- The Philadelphia metro had the ninth lowest vacancy in the nation and the eighth lowest in the Northeast.
- Vacancy in the Philadelphia metro declined by 60 basis points.
- The Philadelphia metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 15.9% 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 2023 at 15.9% in the Philadelphia metro.
Retail
The average Vacancy Rate was 10.7% 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 2023 at 10.9% in the Philadelphia metro.
RENT
Apartment
The average Asking Rent was $1,744 in the Philadelphia metro
- Rent in the Philadelphia metro was down 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $1,782 in the Philadelphia metro.
Distribution / Warehousing
The average Asking Rent was $6.73 in the Philadelphia metro
- Rent in the Philadelphia metro was up 1.8% from Q1 2023.
- Rent Has risen for ten consecutive quarters in the Philadelphia metro.
- Rent is expected to finish 2023 at $7.10 in the Philadelphia metro.
Flex / R&D
The average Asking Rent was $10.00 in the Philadelphia metro
- Rent in the Philadelphia metro was up 2.1% from Q1 2023.
- Rent has risen in every quarter for the past three years in the Philadelphia metro.
- Rent is expected to finish 2023 at $10.45 in the Philadelphia metro.
Office
The average Asking Rent was $28.87 in the Philadelphia metro
- Rent in the Philadelphia metro was down 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $29.04 in the Philadelphia metro.
Retail
The average Asking Rent was $21.56 in the Philadelphia metro
- Rent in the Philadelphia metro was down 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $21.65 in the Philadelphia metro.
VACANCY
Apartment
The average Vacancy Rate was 3.9% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted upward by 10 basis points.
- The Pittsburgh metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 3.8% in the Pittsburgh metro.
Distribution / Warehousing
The average Vacancy Rate was 2.4% in the Pittsburgh metro
- The Pittsburgh metro had the seventh lowest vacancy in the nation and the sixth lowest in the Northeast.
- Vacancy in the Pittsburgh metro drifted downward by 40 basis points.
- The Pittsburgh metro had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 12.5% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro rose by 50 basis points.
- The Pittsburgh metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 12.5% in the Pittsburgh metro.
Office
The average Vacancy Rate was 19.5% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 20.1% in the Pittsburgh metro.
Retail
The average Vacancy Rate was 12.2% in the Pittsburgh metro
- Vacancy in the Pittsburgh metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 11.9% in the Pittsburgh metro.
RENT
Apartment
The average Asking Rent was $1,352 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 1.8% from Q1 2023.
- Pittsburgh metro had its fastest rent rate of increase in five quarters.
- Rent is expected to finish 2023 at $1,394 in the Pittsburgh metro.
Distribution / Warehousing
The average Asking Rent was $5.41 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 1.9% from Q1 2023.
- Pittsburgh metro had its fastest rent rate of increase in seven quarters.
- Rent Has risen for six consecutive quarters in the Pittsburgh metro.
Flex / R&D
The average Asking Rent was $9.69 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 2.2% from Q1 2023.
- Pittsburgh metro had its fastest rent rate of increase since Q2 2010.
- Rent Has risen for seven consecutive quarters in the Pittsburgh metro.
Office
The average Asking Rent was $23.88 in the Pittsburgh metro
- The Pittsburgh metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $24.09 in the Pittsburgh metro.
Retail
The average Asking Rent was $18.28 in the Pittsburgh metro
- Rent in the Pittsburgh metro was up 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $18.35 in the Pittsburgh metro.
VACANCY
Apartment
The average Vacancy Rate was 3.5% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 30 basis points.
- The Suburban Maryland market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 4.1% in the Suburban Maryland market.
Distribution / Warehousing
The average Vacancy Rate was 4.1% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted downward by 20 basis points.
- The Suburban Maryland market had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 4.3% in the Suburban Maryland market.
Flex / R&D
The average Vacancy Rate was 4.8% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted downward by 30 basis points.
- The Suburban Maryland market had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 4.7% in the Suburban Maryland market.
Office
The average Vacancy Rate was 18.2% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market fell by 50 basis points.
- Vacancy is expected to finish 2023 at 18.4% in the Suburban Maryland market.
Retail
The average Vacancy Rate was 7.7% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 10 basis points.
- The Suburban Maryland market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 7.7% in the Suburban Maryland market.
RENT
Apartment
The average Asking Rent was $1,765 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.7% from Q1 2023.
- Suburban Maryland market had its fastest rent rate of increase in four quarters.
- Rent is expected to finish 2023 at $1,797 in the Suburban Maryland market.
Distribution / Warehousing
The average Asking Rent was $10.36 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 1.9% from Q1 2023.
- Rent Has risen for nine consecutive quarters in the Suburban Maryland market.
- Rent is expected to finish 2023 at $10.68 in the Suburban Maryland market.
Flex / R&D
The average Asking Rent was $15.73 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 2.5% from Q1 2023.
- Rent has risen in every quarter since Q2 2013 in the Suburban Maryland market.
- Rent is expected to finish 2023 at $16.28 in the Suburban Maryland market.
Office
The average Asking Rent was $30.97 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.6% from Q1 2023.
- Rent is expected to finish 2023 at $31.11 in the Suburban Maryland market.
Retail
The average Asking Rent was $28.01 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $28.20 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.