Vacancy rate of industrial big-box property in Eastern PA-Southern NJ 2009-2023
The vacancy rate of big-box warehouses in rose sharply in 2023, after falling to a record low in 2021. In the first half of 2023, about 6.3 percent of big-box industrial and logistics properties were vacant, up from the 2.3 percent in 2021, when the vacancy rate was at its lowest. Despite the increase, the vacancy rate in the Eastern PA-Southern NJ big-box market was slightly lower than the average for the country. Big-box buildings refer to large industrial buildings used for distribution.