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Strong Demand in PhiladelphiaStrong demand helped maintain occupancy at 96.7 percent in May, despite robust deliveries. As a result, rents continued to rise, up 1.0 percent on a T3 basis through June, to $1,695. Transaction activity neared $1.2 billion as of June, double the volume recorded during the same interval last year, although signs of moderation were beginning to appear.
Strong demand helped maintain occupancy at 96.7 percent in May, despite robust deliveries. As a result, rents continued to rise, up 1.0 percent on a T3 basis through June, to $1,695. Transaction activity neared $1.2 billion as of June, double the volume recorded during the same interval last year, although signs of moderation were beginning to appear.
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