The vacancy rate in the Philly industrial space market closed the first quarter 2014 at 8.8%, according to a new market trend report from the CoStar Group.
The first quarter Philadelphia industrial space vacancy rate increased over the fourth quarter 2013, CoStar said in its First Quarter 2014 Market Report. Net absorption totaled negative 173,516 square feet of industrial space in Philly in the first quarter, compared to positive 5,032,863 square feet in the fourth quarter 2013, CoStar noted. Vacant sublease space in the Philadelphia industrial space market dropped in the first quarter, ending the quarter at 1,359,371 square feet, according to the report.
CoStar said tenants moving into large blocks of industrial space in Philadelphia in the first quarter 2014 included: Walmart Distribution, moving into 1,200,000 square feet of Philly industrial space at 2785 Commerce Center Boulevard; Amcor Rigid Plastics, moving into 480,000 square feet of industrial space in Philly at West Park Distribution Center, and Excel moving into 200,225 square feet of industrial space in Philadelphia at 101 Commerce Drive.
Rental rates for Philadelphia industrial space ended the first quarter at $4.52, a decrease over the last quarter of 2013, CoStar said.
A total of three buildings representing 214,056 square feet of industrial space in Philly delivered to the market in the first quarter 2014, with 9,801,800 square feet of industrial space in Philadelphia still under construction by quarter’s end, the report noted.
In comparison to the first quarter 2014 results from the Philly industrial space, the U.S. National Industrial vacancy rate dropped to 7.8% from the fourth quarter 2013, with net absorption totaling positive 46.96 million square feet in the first quarter, according to the report. CoStar also said that average rental rates for the national market reached $5.39 in the first quarter, and that 279 industrial buildings delivered to the national market, totaling nearly 27.8 million square feet.
For more information about Philadelphia industrial space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.
Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philadelphia with the Philadelphia commercial properties that best meets their needs. As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for industrial space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.
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