Why implement your industrial space in Philadelphia?
Philadelphia boasts a thriving market for industrial space for lease, catering to the diverse needs of businesses in sectors such as manufacturing, logistics, and distribution. With its strategic location along major transportation routes and a well-developed infrastructure, Philadelphia offers an ideal environment for companies seeking industrial spaces. The city provides a wide range of options, including warehouses, flex spaces, and industrial parks, with varying sizes and configurations to accommodate different operational requirements.
Whether businesses require proximity to transportation hubs, access to a skilled workforce, or the convenience of being located near major markets, Philadelphia's industrial real estate market presents abundant opportunities. As a result, businesses can find suitable spaces that offer amenities such as loading docks, ample storage capacity, high ceilings, and modern facilities. With a supportive business community and the city's commitment to economic growth, leasing industrial space in Philadelphia can be a strategic move for companies looking to expand, optimize operations, or establish a presence in the region.
The cost of renting an industrial space in Philadelphia can vary depending on factors such as location, size, amenities, and market conditions. Generally, industrial space rental prices in Philadelphia range from around $5 to $12 per square foot per year for warehouse and distribution spaces.
To read: our Philadelphia MarketBeat Industrial report analyzes quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
Are industrial space rents likely to increase in Philadelphia?
Industrial space rents in Philadelphia, like in many other cities, can be influenced by supply and demand dynamics, economic conditions, and market trends. If there is increased demand for industrial space due to factors such as economic growth, population growth, or the expansion of certain industries, it could potentially lead to an increase in rental prices.
Philadelphia has seen significant growth and development in recent years, with various industries thriving in the region. The city's strategic location, transportation infrastructure, and access to major markets make it an attractive destination for businesses in sectors such as logistics, manufacturing, and distribution. This demand for industrial space could contribute to upward pressure on rental rates.
Philadelphia offers several popular neighborhoods for leasing industrial space, each with its own advantages and characteristics. Here are a few notable neighborhoods in Philadelphia known for their industrial real estate offerings:
- Port Richmond: Located along the Delaware River, Port Richmond is a prominent industrial neighborhood with a history of manufacturing and industrial activity. It offers a range of industrial spaces, including warehouses, distribution centers, and manufacturing facilities. Its proximity to major transportation routes and ports makes it an ideal location for businesses involved in shipping, logistics, and transportation.
- Bridesburg: Situated adjacent to Port Richmond, Bridesburg is another neighborhood known for its industrial properties. It features a mix of warehouses, industrial parks, and manufacturing spaces. Bridesburg offers convenient access to major highways and transportation infrastructure, making it attractive to businesses requiring efficient distribution and transportation operations.
- Navy Yard: The Navy Yard is a unique industrial park situated on the Delaware River. It has undergone significant redevelopment and now offers modern, sustainable, and state-of-the-art industrial spaces. The Navy Yard is home to various industries, including advanced manufacturing, technology, and research and development.
- Northeast Philadelphia: The Northeast section of Philadelphia encompasses neighborhoods such as Frankford, Tacony, and Holmesburg. It offers a variety of industrial spaces, particularly along the Roosevelt Boulevard and near the Northeast Philadelphia Airport. This area is well-suited for businesses seeking affordable industrial options with convenient access to major roadways.
- Kensington: Kensington has a mix of industrial, commercial, and residential areas. It provides opportunities for businesses looking for industrial spaces, particularly in sectors such as light manufacturing, warehousing, and artisanal production. The neighborhood's location near major transportation routes is advantageous for logistics and distribution operations.
Getting to and from Philadelphia
Philadelphia is a well-connected city with various transportation options for getting to and from the city.
- Air Travel: Philadelphia International Airport (PHL) is the major airport serving the region. It offers numerous domestic and international flights, making it convenient for both business and leisure travelers. The airport is located about 7 miles southwest of Center City Philadelphia and is easily accessible by taxi, ride-sharing services, public transportation, or private car.
- Train Travel: Philadelphia is a major transportation hub along Amtrak's Northeast Corridor, offering frequent train service to and from cities like New York, Washington, D.C., and Boston. Amtrak's 30th Street Station, located in West Philadelphia, is the city's main train station and provides connections to regional rail lines and other transit options.
- Bus Travel: Several bus companies, including Greyhound, Megabus, and BoltBus, operate in Philadelphia, offering affordable intercity transportation. The main bus terminal in the city is the Greyhound Bus Station, located near the Convention Center in Center City.
- Car: Philadelphia is accessible via major highways such as Interstate 95, Interstate 76 (Schuylkill Expressway), and the Pennsylvania Turnpike (Interstate 276). However, traffic congestion can be common during peak hours, so it's advisable to plan accordingly. There are various parking options available in the city, including parking garages and street parking, although rates and availability may vary.
- Public Transportation: Philadelphia has an extensive public transportation system operated by the Southeastern Pennsylvania Transportation Authority (SEPTA). The system includes buses, subway lines, trolleys, and regional rail services. SEPTA's Broad Street Line and Market-Frankford Line are the city's subway lines that provide convenient access to many neighborhoods and attractions.
- Cycling and Walking: Philadelphia is a bike-friendly city, with bike lanes and trails available throughout the city. Indego, the city's bike-sharing program, offers a convenient option for short-distance travel. Walking is also a popular way to explore the city, especially in the compact and pedestrian-friendly areas of Center City.
