Owners are now breaking up those buildings to accommodate the smaller footprints of the tenants that actually want space in the city. These deals for subdivided space contributed to a 30-basis-point decrease in the city’s industrial vacancy rate, which fell to 11.9% last quarter, according to the brokerage’s latest report. Errant noises and smells and the rigid parking requirements some users have are complications that often arise with multitenant leasing, Greek said. The trend of demising industrial spaces isn't unique to Philadelphia proper. Multitenant properties above 500K SF have leased to tenants with an average size of 176K SF, while those between 100K SF and 500K SF lease to 54K SF users on average.