Regional industrial vacancy concentrated in Southern NJ
The Philadelphia region’s overall vacancy rate closed Q1 2025 at 9.4%—140 basis points (bps) higher than one year ago. Southern NJ’s vacancy rate, at 11.6%, remained in the double digits for the sixth consecutive quarter, with vacancy concentrated around Salem County (37.6%) and Burlington County (11.0%). Year over year, Southeastern PA’s vacancy rate climbed 180 bps to 8.6%, while Northern DE’s decreased 30 bps to 6.4%.