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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 5.9%

Drifted upward by 20 basis points.
Highest level since year-end 1994.
Expected to finish 2021 at 5.7%.

Distribution / Warehousing

Average Vacancy Rate 10.1%

Drifted downward by 20 basis points.
Expected to finish 2021 at 10.1%.

Flex / R&D

Average Vacancy Rate 11.9%

Rose by 130 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 11.2%.

Office

Average Vacancy Rate 22.3%

Drifted upward by 40 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 23.8%.

Retail

Average Vacancy Rate 8.2%

Drifted downward by 40 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 10.0%.

RENT

Apartment

Average Asking Rent $2,013

Down 0.4% from year-end 2020.
Expected to finish 2021 at $2,062.

Distribution / Warehousing

Average Asking Rent $6.74

Up 0.6% from year-end 2020.
Fastest rate of increase in six quarters.
Expected to finish 2021 at $6.91.

Flex / R&D

Average Asking Rent $9.49

Fastest rent growth in the Northeast region, eighth most rapid in the nation.
Fastest rate of increase in four quarters.
Expected to finish 2021 at $9.51.

Office

Average Asking Rent $30.04

Down 0.3% from year-end 2020.
Expected to finish 2021 at $29.61.

Retail

Average Asking Rent $29.36

Down 0.2% from year-end 2020.
Expected to finish 2021 at $27.92.

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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 4.6%

No change since year-end 2020.
Highest level since Q3 2011.
Expected to finish 2021 at 4.4%.

Distribution / Warehousing

Average Vacancy Rate 8.1%

Drifted downward by 30 basis points.
Expected to finish 2021 at 8.1%.

Flex / R&D

Average Vacancy Rate 9.8%

Drifted downward by 40 basis points.
Expected to finish 2021 at 10.4%.

Office

Average Vacancy Rate 14.5%

Seventh lowest in the nation and the fourth lowest in the Northeast.
Drifted downward by 30 basis points.
Expected to finish 2021 at 15.8%.

Retail

Average Vacancy Rate 11.8%

No change since year-end 2020.
Highest level since year-end 1994.
Expected to finish 2021 at 13.6%.

RENT

Apartment

Average Asking Rent $1,448

Up 0.3% from year-end 2020.
Expected to finish 2021 at $1,485.

Distribution / Warehousing

Average Asking Rent $5.07

Up 0.8% from year-end 2020.
Fastest rate of increase since year-end 2017.
Expected to finish 2021 at $5.17.

Flex / R&D

Average Asking Rent $7.91

Up 0.5% from year-end 2020.
Expected to finish 2021 at $7.90.

Office

Average Asking Rent $28.53

Down 0.5% from year-end 2020.
Expected to finish 2021 at $27.99.

Retail

Average Asking Rent $21.54

Down 0.4% from year-end 2020.
Expected to finish 2021 at $20.69.

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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 4.5%

Drifted upward by 10 basis points.
Highest level since Q1 2019.
Expected to finish 2021 at 4.0%.

Distribution / Warehousing

Average Vacancy Rate 9.2%

Rose by 60 basis points.
Highest level since Q2 2017.
Expected to finish 2021 at 8.7%.

Flex / R&D

Average Vacancy Rate 18.1%

Second highest in the nation. Only Cleveland is currently softer.
Drifted upward by 10 basis points.
Expected to finish 2021 at 19.2%.

Office

Average Vacancy Rate 20.1%

No change since year-end 2020.
Highest level since Q3 2004.
Expected to finish 2021 at 21.3%.

Retail

Average Vacancy Rate 12.2%

No change since year-end 2020.
Highest level since year-end 1994.
Expected to finish 2021 at 13.7%.

RENT

Apartment

Average Asking Rent $1,119

Down 0.6% from year-end 2020.
Expected to finish 2021 at $1,143.

Distribution / Warehousing

Average Asking Rent $4.80

Up 0.2% from year-end 2020.
Expected to finish 2021 at $4.84.

Flex / R&D

Average Asking Rent $8.64

Up 0.3% from year-end 2020.
Expected to finish 2021 at $8.64.

Office

Average Asking Rent $22.87

Up 0.1% from year-end 2020.
Expected to finish 2021 at $22.67.

Retail

Average Asking Rent $18.09

Flat since year-end 2020.
Expected to finish 2021 at $17.46.

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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%

Drifted downward by 20 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 4.1%.

Distribution / Warehousing

Average Vacancy Rate 10.2%

Drifted downward by 10 basis points.
Expected to finish 2021 at 9.4%.

Flex / R&D

Average Vacancy Rate 9.2%

Fell by 80 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 9.9%.

Office

Average Vacancy Rate 19.2%

Drifted upward by 20 basis points.
Expected to finish 2021 at 20.5%.

Retail

Average Vacancy Rate 7.9%

Drifted upward by 10 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 9.3%.

RENT

Apartment

Average Asking Rent $1,577

Down 0.7% from year-end 2020.
Expected to finish 2021 at $1,607.

Distribution / Warehousing

Average Asking Rent $8.32

Down 0.2% from year-end 2020.
Expected to finish 2021 at $8.48.

Flex / R&D

Average Asking Rent $12.47

Up 0.5% from year-end 2020.
Expected to finish 2021 at $12.44.

Office

Average Asking Rent $30.27

Up 0.1% from year-end 2020.
Expected to finish 2021 at $29.71.

Retail

Average Asking Rent $27.72

Down 0.4% from year-end 2020.
Expected to finish 2021 at $26.44.

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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.