PHILADELPHIA-The suburban industrial market remains stable, according to a third-quarter report by the local office of Dallas-based Trammell Crow Co. The average asking rental rate is $4.85 per sf, overall vacancy in all four surrounding counties is 10.5%, with the direct vacancy rate at 9.6%.
Vacancy has hovered in the 10%-range for the past seven quarters.
Of the counties, Delaware enjoys the lowest vacancy rate with little available sublease space. Direct vacancy is 5.9%, and overall vacancy is just 6%, according to the report. The average asking rental rate is $4.50 per sf.
In Chester County direct vacancy is 7.2%, and the overall rate is 7.9%. Like Delaware, the average asking rental rate remains unchanged at $4.50 per sf.
By contrast, vacancy rates in both Bucks and Montgomery Counties exceed 10%. The overall vacancy in Bucks County is 11.7% with little sublease space. Overall vacancy in Montgomery is 12.6%, with just under 1% accounted for by sublease space. Average asking triple net rental rate is $5 per sf in Bucks and $4.75 per sf in Montgomery.
“We expect market fundamentals to remain at or near current levels into 2003,” says Paul Torosian, principal of the local Trammell Crow office.
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