Cushman & Wakefield: 2017's Record-Setting MF Performance

Jared Jacobs, Cushman & Wakefield’s research manager, Philadelphia, PA

PHILADELPHIA, PA—The vacancy rate for the Philadelphia MSA apartment market increased to 3.9 percent in the fourth quarter of 2017, due in large part to the addition of 4,040 new units in 2017, according to Cushman & Wakefield. The commercial real estate services firm’s Philadelphia research team released its fourth-quarter 2017 Multifamily Marketbeat report for the region, which forecasts strong construction activity and positive absorption to continue throughout 2018.

“The more-than-4,000 new units delivered in 2017 is the highest annual total on record in the Philadelphia MSA,” says Jared Jacobs, Cushman & Wakefield’s research manager. “However, even with the increase in new product, net absorption in 2017 was positive, with 3,516 units absorbed last year.”