New occupier deals soared to 29.2 million square feet in 2020, far surpassing the previous high-water mark of 17.3 million square feet set in 2017, in Eastern Pennsylvania for the industrial big-box sector, according to Colliers International.
And the quarterly transaction volume reached a historic high of 7 million square feet in the first quarter 2020. The record was quickly eclipsed in the fourth quarter, when 11.6 million square feet of new occupier deals were signed.
The market outlook is very strong for the new year. Occupier activity persists at above-average levels, and the supply pipeline is anticipated to deliver large-format product in the preferred locations. The vacancy rate is expected to decline at a rate similar to 2020, and average asking rates will continue to grow as they have since 2012.
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