Philadelphia Among Top Office, Industrial Performers Coming Out of Pandemic

philadelphia skyline
Image via Michael Stokes, Flickr Creative Commons.

Philadelphia has ranked among the top office and industrial performers coming out of COVID-19, according to a new report by commercial real estate advisory firm Newmark Group, writes Ashley Fahey for the Philadelphia Business Journal.

The Newmark Opportunity Index studied nearly two dozen cities in the United States.

The research focused on economic and commercial real estate property type metrics for office, industrial, multifamily, hospitality, and retail, among other sectors.

Among the 22 cities in the study, Philadelphia tied for fifth place with St. Louis among for top office-market performers.

The analysis examined the changes in sublease availability rate, vacancy rate, asked rental rates between the first quarter of 2020 and the first quarter of 2021, and overall economy to determine the office market rankings.

The City of Brotherly Love was given a push by its strong life sciences market, which managed to outperform other real estate sectors throughout the pandemic.

Philadelphia ranked highly across the entire report, also placing third in the industrial sector and sixth in the hospitality sector.

Newmark noted that the Philadelphia region’s industrial market is especially strong, with the largest jump in requested rents in the past 12 months at 16.4 percent.

Read more about the ranking in the Philadelphia Business Journal.