December 17, 2020
As of the end of 2020, there is just under an estimated eight-million square feet of either proposed, underway, or completed new or newly-renovated industrial space in Philadelphia. This includes just over three-million square feet of completed development and more than four-million square feet proposed and on track for commencement of construction over the next 12-18 months. Another approximate half-million square feet of industrial development is currently under construction.
On the horizon, an additional 15-million square feet of industrial development is being proposed at the former PES Refinery site, now owned and being developed by Hilco Redevelopment Partners, over the next 5-10 years.
PIDC estimates that Philadelphia has approximately 22.7 million square feet of new and renovated industrial space at various stages of development coming available over the next several years—most of which we expect to support or meet the growing demand for logistics and distribution space.
Rough estimates suggest that this rapidly-accelerating development of logistics and distribution space could create and retain a total of over 25,000 jobs, cementing its place as a key economic driver in the city.