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.
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