Colliers Q2 Regional Research for Industrial and Office Markets is Now Available
Colliers International released their Q2 Regional Reports for the Greater Philadelphia region covering the Industrial and Office sectors preview. Here’s what we’re seeing as we hit the halfway mark of 2019:
Regional Industrial Market
- Regional vacancy rate remained at 5.9% during the first two quarters of 2019.
- Year-to-date absorption topped 3.2 million sq. ft.,
below the six-month totals for the previous five years.
- Asking rents increased by 1.4% with the Southern I-81 corridor and Southern New Jersey registering the largest increases.
- Construction deliveries were down, but the level of buildings under construction was 60% higher than one year ago.
- User and investor sales volume increased and is likely to surpass 2018’s level.
Regional Office Market
- The regional office market vacancy rate increased slightly to 12.3% from 12.1% at the end of 2018.
- Absorption for the first half of 2019 totaled 472,088 square feet, below 2018’s six-month total.
- The weighted average asking rent increased by 1.0% to $27.27 per square feet, full service.
- Investment volume decreased from 2018.
About Colliers International
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 15,400 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.