Despite a 57% annual sales decline in 2023, industrial properties in the Philadelphia region maintained their status as the preferred asset class. The industrial sector is poised to exhibit resilience in the upcoming quarters, contrasting with a general slowdown in sales across all property types.
The strength of the industrial sector can be attributed to sustained consumer spending. With a commanding 32% share, equivalent to $1.31 billion, industrial property investments outperformed other segments in the Philadelphia real estate market. Retail properties constituted 28% of the annual sales, office sales comprised 26%, while multifamily property sales dwindled to a mere 13% of the total sales for the year.
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