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3Q County Industrial Vacancy Rate Dips to 13.4%

PHILADELPHIA-The industrial vacancy rate in Philadelphia County's market of primarily second- and third-generation buildings fell to 13.43% in third quarter, down from 13.7% in the previous three months. Net absorption is unlikely to rebound by year-end, according to Trammell Crow Co. research.

By Marita Thomas | Updated on December 18, 2002

PHILADELPHIA-The vacancy rate in the county’s industrial market during third-quarter 2002 dipped to 13.43%, “showing a slight improvement over second-quarter vacancy of 13.7%,” says Paul Torosian, principal of the local office of Dallas-based Trammell Crow Co. “While leasing activity has remained consistent over the past three quarters, year-to-date net absorption remains negative and will unlikely rebound to positive figures by year-end, he says.

Leasing averages about 425,000 sf a quarter.

Torosian attributes the lack of positive net absorption to the industrial building stock in the county, which consists primarily of second- and third-generation properties that lack the amenities many large distribution companies want.

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