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Eastern Pennsylvania Southern New Jersey Delaware 2020 Year-End | Industrial Research & Forecast Report EASTERN PENNSYLVANIA SOUTHERN NEW JERSEY DELAWARE MARKET INDICATORS PA/NJ/DE PA/NJ/DE Regional Industrial Market Relative to prior period Q2 2020 Q2 2021* Key Trends VACANCY > The overall regional vacancy rate increased from 6.0% to 6.4% during the NET ABSORPTION first half of 2020. CONSTRUCTION > Year-to-date absorption totaled over 23.4 million square feet, more than RENTAL RATE tripling 2019’s mid-year total. *Projected Arrows compare current period to the previous period and forecast the next period. > Asking rents rose by an additional 3.0% during the last two quarters to $5.60 per square foot or a 7.0% year-over-year increase. NEW SUPPLY, VACANCY AND ABSORPTION > The 17.1 million square feet of deliveries in the second half of the year MSF VACANCY pushed annual total past 2016’s high-water mark. > Investment demand remained extremely strong, boosted by an increase in 30 12% sale-leaseback transactions. 25 10% The regional industrial market had an extremely strong year. The vacancy rate increased during the last two quarters, mainly due to the completion of 20 8% 12.5 million square feet of speculative construction. However, one-third of 15 6% this new supply has been leased. The supply of quality legacy space has Absorption grown increasingly tight, with few quality options available for requirements 10 4% in most size ranges, particularly for purchase. Construction E-commerce has been a major driver of demand, with both fully online 5 2% Vacancy companies and mass merchandising companies such as Walmart expanding Rate 0 0% their e-commerce platforms. Amazon continued to lease new construction 16 17 18 19 20 and existing blocks over 100,000 square feet. With the influx of new requirements in the market, there has also been an AVERAGE ASKING RENTS (NNN) increase in demand for more highly-automated facilities and for specialized Average Phila PA Suburbs South Jersey New Castle Lehigh Northeast PA S I-81 I-83 features such as 50’ plus to even 70’ plus clear heights, temperature- controlled space, flatbed loading, and particularly excess parking for $7.00 employees, trailers and delivery vehicles. $6.50 Developer interest in the Philadelphia market remains very strong, particularly $6.00 for sites along the I-95 and I-295 corridors. Over 62% of the 21.6 million square feet under construction is speculative and at least 10 million square $5.50 feet of additional spec development may commence over the next two $5.00 quarters. $4.50 The two mega-development sites, Hilco Redevelopment Partners’ PES site in Philadelphia and NorthPoint Development’s KIPC complex in Bucks $4.00 County, will be two of the largest industrial developments on the East Coast. $3.50 $3.00 16 17 18 19 20 Recent Transactions Q3 and Q4 2020 LEASE ACTIVITY PROPERTY ADDRESS LOCATION TENANT SIZE SF TYPE 2281 United Drive Southern I-81/I-83 Wal-Mart 1,800,000 New 780 S. Dupont Highway New Castle County Amazon 1,332,144 New-BTS Tri-State Distribution Center Salem County Amazon 1,250,000 New-BTS 201 Cramer Road Southern I-81/I-83 Lowe's Home Centers, Inc. 1,100,846 New 951 Centerville Road Southern I-81/I-83 FedEx 900,000 New 4255 North Valley Drive Lehigh Valley UNFI 812,210 New 22 Stauffer Industrial Park Drive Northeast PA Kane Warehousing 711,200 New-leaseback Mansfield Logistics Park Building 2 Burlington County Elogistic 710,368 New 1625 Heilmandale Road Southern I-81/I-83 Wal-Mart 600,000 New 8001 Industrial Boulevard Lehigh Valley Bridgestone Americas 596,247 New-leaseback 201 Old York Road Southern New Jersey Goplus 569,145 New 7058 Snowdrift Road Lehigh Valley Allen Distribution 540,000 New 4240 North Valley Drive Lehigh Valley UNFI 514,765 New 1 Technology Drive Southern New Jersey TechData Corporation 430,000 New-leaseback 1 Geoffrey Drive Bucks County Amazon 415,000 New 151 Benigno Boulevard Southern New Jersey Amoroso's Bakery 381,980 New-leaseback 8600 River Road Camden County Utopia Fulfillment 347,000 New 9801 Blue Grass Road Philadelphia County TJX 282,000 New-BTS 8 Campus Drive Southern New Jersey Amazon 253,500 New 1179 Florence Columbus Road Southern New Jersey Aosom 249,000 New 9 Gateway Boulevard Southern New Jersey Premier Packaging 213,900 New 3025 Meetinghouse Road Philadelphia County Amazon 207,370 New 115 Shady Lane Southern I-81/I-83 Mary Kay 202,500 New 2650 Oldmans Creek Road Gloucester County Ginsey Industries 184,072 New NOTABLE SALES PROPERTY ADDRESS LOCATION BUYER SIZE SF SALE PRICE / SF TYPE Whitesell Light Industrial Porfolio (NJ and PA) multiple Camber Real Estate Partners 1,242,667 $75.48 Investor 3419 Ritner Highway Southern I-81/I-83 Exeter Property Group 1,215,240 $69.95 Investor Twinbridge Center Southern New Jersey Twinbridge Center 1,164,939 $71.46 Investor 1900 River Road Southern New Jersey Clarion Partners 1,048,631 $105.38 Investor 140 Industrial Drive Northeast PA Ball Corporation 1,078,200 $89.04 User 270 Daniels Way Southern New Jersey ProLogis 721,000 $146.67 Investor 2750 Morris Road Montgomery County Velocity Venture Partners 667,000 $49.48 Investor 8001 Industrial Boulevard Lehigh County NFI 596,247 $105.14 Investor 1180 Church Road Montgomery County Velocity Venture Partners 452,323 $43.11 Investor 14400 McNulty Road Philadelphia County Ivy Realty Services 445,000 $44.94 Investor 3100 N. Mill Road Southern New Jersey High Street Logistics Properties 432,000 $53.70 Investor 1 Technology Drive Southern New Jersey Eaton Vance Investment Managers 430,000 $121.05 Investor 101 Gordon Drive Chester County Angelo Gordon 423,217 $112.29 Investor 151 Benigno Boulevard Southern New Jersey Maguire Hayden Real Estate Co. 381,980 $60.47 Investor 2320 Newlins Mill Road Lehigh County Exeter Property Group 358,375 $111.61 Investor 1560 Joel Drive Southern I-81/I-83 APR Supply 350,000 $32.86 User Keystone Industrial Park portfolio Bucks County Taurus Investment Holdings 304,419 $96.08 Investor Runnemede Corporate Center Southern New Jersey Faropoint Investments 301,366 $97.05 Investor 2 Research & Forecast Report | 2020 Year-End | Greater Philadelphia Region | Colliers International Market Comparison Update INDUSTRIAL MARKET DIRECT SUBLET TOTAL VACANCY YTD NET COMPLETIONS UNDER AVG. ASKING SUBMARKET INVENTORY VACANT VACANT VACANT RATE ABSORPTION YTD CONSTRUCTION RENT NNN Philadelphia County 77,199,854 3,460,987 19,659 3,480,646 4.5% 1,295,582 801,862 100,000 $6.19 Bucks County 54,254,020 1,869,268 2,400 1,871,668 3.4% 682,467 175,055 276,650 $6.84 Chester County 24,207,145 1,234,286 185,292 1,419,578 5.9% (72,977) 183,217 34,170 $8.88 Delaware County 20,365,166 803,155 69,128 872,283 4.3% 361,344 128,000 484,000 $7.12 Montgomery County 53,761,517 1,863,685 247,616 2,111,301 3.9% 942,986 283,906 483,590 $7.31 SUBURBAN TOTAL 152,587,848 5,770,394 504,436 6,274,830 4.1% 1,913,820 770,178 1,278,410 $7.50 Southern NJ 125,131,257 4,835,308 434,250 5,269,558 4.2% 5,261,351 3,958,990 4,808,747 $5.55 Northern Delaware 26,121,451 1,272,718 113,387 1,386,105 5.3% 1,266,261 1,191,450 5,927,721 $6.56 Lehigh Valley 99,869,526 6,190,369 586,076 6,776,445 6.8% 3,919,439 7,010,943 3,149,509 $6.85 Northeast PA 102,526,486 10,035,422 223,587 10,259,009 10.0% 6,282,397 7,382,720 1,309,352 $4.26 S I-81 / N I-83 134,143,060 11,921,299 371,838 12,293,137 9.2% 3,512,980 3,674,157 4,989,774 $4.81 MARKET TOTAL 717,579,482 43,486,497 2,253,233 45,739,730 6.4% 23,451,830 24,790,300 21,563,513 $5.60 Construction History 30 Speculative Build-to-Suit 25 20 15 MSF 10 5 0 11 12 13 14 15 16 17 18 19 20 DEFINITIONS Inventory: Flex, warehouse and Net Absorption: The difference in physically Average Asking Rent: Weighted average rent manufacturing buildings over 20,000 SF or occupied space within a given time period for per SF, triple net. over 50,000 SF. a particular market. Under Construction: Counted when steel is Vacant Space: All spaces that are physically Vacancy Rate: Total vacant space divided by up, not at the commencement of site work. vacant, excluding projects under construction the total inventory. or substantial rehabilitation. 3 Research & Forecast Report | 2020 Year-End | Greater Philadelphia Region | Colliers International Submarket Reviews Philadelphia County New Castle County’s vacancy ticked up slightly in Philadelphia County began to regain its standing as a fourth quarter to 5.3% but has trended downward regional industrial powerhouse during 2020. The overall since 2019. New Castle County is an example vacancy rate dropped to 4.5% and absorption hit a of a market that is diverging into two separate historical high of 1.7 million square feet. Developer, markets. There is the stable if not stagnant portion in investor and occupier interest continues to increase. the established parks and the emerging bulk- requirement-chasing portion along the Route 13 and Crow Holdings is developing an infill location at 2900 I-95 corridors. Amazon has 5.1 million square feet offices in Grant Avenue.
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