Duke Realty’s Seth Hall, assistant vice president of acquisitions in Philadelphia participated in a panel discussion during Bisnow’s Philadelphia Industrial Outlook event in October 2021. The panelists discussed how the ongoing and overlapping disruptions to the global supply chain are wreaking havoc on retailers, construction firms and developers in most sectors of real estate. The disruptions are leading to increased demand for industrial space, which in turn is driving rent growth. That rent growth is offsetting the increased costs to develop facilities.
“Right now, it’s all about speed to market,” Hall said. “I think whoever gets there first is going to have an advantage.”
Panelists unanimously agreed that despite the steep increases in rent over the past year, there remains significant runway for further growth.