The Philadelphia industrial space vacancy rate had been holding steady at 8.6% in the previous two quarters. Net absorption stood at positive 3,482,534 square feet of industrial space in Philly in the third quarter, compared to positive 3,536,167 square feet in the previous quarter, CoStar’s Third Quarter 2014 Market Report said. Vacant sublease space in the Philly industrial space market ended the quarter at 942,647 square feet, a decrease over the previous quarter, according to the report.
CoStar said tenants moving into large blocks of industrial space in Philadelphia in the third quarter included: Wal-Mart Distribution, moving into 1,200,000 square feet of industrial space in Philly at 2785 Commerce Center Boulevard; Ocean Spray, moving into 980,000 square feet of Philadelphia industrial space at West Hills Business Center – Building A, and Kane Warehousing, Inc., moving into 955,935 square feet of Philly industrial space at Distribution Center 6 in the Stauffer Industrial Park.
Rental rates for industrial space in Philadelphia remained steady in the third quarter at $4.49, the same rental rate as in the previous quarter, CoStar noted.
The report said that a total of four buildings delivered to the Philadelphia industrial space market in the third quarter, for a total of 906,337 square feet of industrial space in Philly. Another 12,035,258 square feet of industrial space in Philadelphia was still under construction at the end of the third quarter.
In comparison to the third quarter 2014 results in the Philly industrial space market, the U.S. National Industrial vacancy rate dropped to 7.5% in the third quarter, CoStar said. Net absorption equaled positive 64.71 million square feet. Average rental rates for the national industrial market increased to $5.47 in the third quarter, and 206 industrial buildings delivered to the national market, totaling nearly 28.6 million square feet, according to the market report.
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