Source: The Inquirer —
Despite the persistent uncertainty of the pandemic economy, the U.S. commercial real estate market continues to thrive, with “record-high asking rents driven by historically low vacancy amid robust demand for space,” according to real estate investment firm CBRE. Thanks to higher ecommerce demand, industrial rents in some areas of the Philadelphia region have increased as much as 20% as of mid-year.
Ty Martin, a managing partner at McCann Commercial Real Estate in Philadelphia, said that the office space market also is performing better than expected, with both leasing rates and square footage leased staying “around the same” as pre-pandemic. He said that many of the small and mid-sized companies in the area have had most of their employees come back to the office and a good number of companies are changing their internal designs to accommodate more safe spaces for returning workers.