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2020 Q1 Eastern Pennsylvania Industrial Big Box Report

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By Michael Golarz and Tom Golarz

Tightening Market Conditions Driving Rent Growth

Rent continues to rise due to increased demand and a decreased amount of supply in the Eastern PA markets. New construction is experiencing delays caused by a shortage of steel and other building materials and will reduce the amount of new space available to lease. At the time of publishing, vacancy is sitting at 7.9%, down 6% YOY, and is expected to fall even more as more than half of the 19.8 MSF under construction has already been leased.

 

I-78/I-81 Submarkets

  • 7.7 MSF Annual Transactions

  • 3.3 MSF Annual Net Absorption

  • 6.8% Annual Market Growth

  • 3.9% Average Asking Rent YOY Growth

 

I-95 Corridor

  • 2.0% Vacancy

  • 2.65% Annual Market Growth

  • $8.65 PSF Average Asking Rent

 

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2020 Q1 Eastern Pennsylvania Industrial Big Box Report

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Related Experts
Michael Golarz | Colliers | Conshohocken

Michael Golarz

Executive Vice President

Conshohocken

+1 215 928 7569
215-275-0188
Email

As an Executive Vice President with Colliers International, Michael specializes in major industrial projects and properties within the Greater Philadelphia region.Through the course of his career, he has developed expertise in acquisitions, dispositions, lease negotiations, ground-up development and redevelopment of both greenfield and brownfield sites, and many other aspects of industrial real estate.  This skillset, along with a deep understanding of the markets, allow him to be a trusted advisor to his clients.

Outside of the Greater Philadelphia market, Michael leverages his years of experience to assist corporate clients in their evaluation of their real estate needs.  This facet of his business affords him the opportunity to understand national trends and factors which can affect his client’s real estate holdings and strategic planning. 

While he is a part of a larger 8-person team, Michael partners primarily with his brother Tom.  Over the course of his career, he has been involved in numerous transactions totaling over $1B in aggregate value.

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Tom Golarz | Colliers | Conshohocken

Tom Golarz

Senior Vice President

Conshohocken

+1 814 441 8296
+1 215 388 7462
Email

Since 2017, Tom Golarz has focused on Class A and last-mile industrial opportunities within Greater Philadelphia and Southern New Jersey. His core focus is on the sale of land for development and/or redevelopment to Class A industrial logistics space as well as Landlord/Tenant representation both within the region and nationally. During his time at Colliers, he has been involved in over $500MM in transactions of various types including land, brownfields, sale leasebacks, and Landlord/Tenant representation assignments.

With experience in a range of transactions regionally and nationally, Tom’s core focus is complex transactions involving land and surplus real estate. He routinely works with both private individuals and corporate entities to evaluate their owned real estate holdings as well as with Landlords and their capital partners to evaluate/underwrite acquisition opportunities.

He has had transactions nominated for Philadelphia Business Journal’s Best Real Estate Deals in 2018, 2019, 2020, and 2021 and was a 2022 Rising Star nominee. Tom is a 2020 Colliers Everest Club Member which is awarded to the top 10% of Colliers brokerage professionals in the U. S. based on revenue production.

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