Greater Philadelphia is well positioned to take advantage of the dynamics driving the industrial market growth if it can overcome some of the potential constraints that are already emerging as challenges, writes Natalie Kostelni for the Philadelphia Business Journal.
These include land, labor, and last-mile logistics, according to a panel of experts who discussed the subject at the Philadelphia Business Journal’s annual Economic Forecast.
At this time, both Philadelphia and Pennsylvania have become the new ideal locations for warehouse-distribution centers.
“What drives it is population,” said Bill Hankowsky, CEO of Liberty Property Trust.
Michael Landsburg, chief development officer for NFI Industries, said that Philadelphia metro is situated in what can be considered the largest megalopolis in the country, stretching from Boston to Richmond.
This has made it a very attractive location for companies to position their manufacturing plants and fulfillment centers.
But to fully take advantage of that, the issue of land and labor needs to be addressed, said Jim Maneri, managing director at Link Industrial Properties.
While there was plenty of space to build warehouses a few years ago, now “it’s hand-to-hand combat to find a site,” he said.
Read more about the industrial market at the Philadelphia Business Journal by clicking here.