Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Industrial Markets to Watch. Not the largest, or the most actively contested markets, the 2014 Industrial Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.
TOP INDUSTRIAL MARKET TO WATCH : Philadelphia, Pennsylvania
The Philadelphia industrial market has been overshadowed by its faster-growing peers but to its advantage, the market’s fundamentals remain largely unchanged and stable in 2014. Philadelphia County’s more than 360,000 square feet of absorption in 2013, in the absence of major construction, helped to push down the industrial vacancy rate to near 8 percent, on par with the Philadelphia suburbs and lower than the vacancy rates in most of the region’s other markets. Companies seeking space for their own use have taken out more buildings here in the past few years than those leasing space. The population count has decreased by more than 14,000 since 2008 but is back on a moderate growth track. Investors that see Philly’s lack of growth as stagnation may be willing to sell at attractive prices, and those sellers will find potential buyers attracted to the market’s incrementally improving industrial fundamentals.
To read more on Philadelphia, and other top industrial markets, download the full version of the Top Industrial Markets to Watch report below.
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