Banner year for Pennsylvania logistics real estate market, report says
Colliers finds strong across-the-board gains in 2020, more of the same in 2021 342 2 minutes read Strong industrial demand continues in eastern Pennsylvania (Photo: Jim Allen/FreightWaves)
Last year was a banner one for the pivotal eastern Pennsylvania industrial region, and more of the same is expected in 2021.
A report published Monday by real estate advisory firm Colliers International, Inc. (NYSE and TSI:CIGI) said that 29.2 million square feet worth of industrial mostly logistics deals were closed in 2020, a stunning 72% gain from 2019 levels and more than 12 million square feet higher than the previous record set in 2017. Net absorption, which measures new construction activity and vacancy rates, hit an all-time high of 16.2 million square feet, a 39% year-over-year increase and a sign of very strong demand, according to Colliers data.