With the vacancy rate for industrial space in the Philadelphia region at 5.9 percent, developers are increasingly attempting to meet demand by building on speculation — with no tenants lined up.
The buildings generally aren’t big box warehouses. Rather, they are typically one- to two-story nondescript buildings ranging from 50,000 square feet to 250,000 square feet and used by an array of companies, writes Natalie Kostelni at bizjounrals.com.
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Jay Bown, whose Industrial Investments Inc. owns 3.6 million square feet of such space in the counties surrounding Philadelphia, hasn’t seen a market quite like this in his 30 years in business.
“This is the tightest I can remember,” Bown said. “We’re leasing things as soon as we have availabilities.”
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