The market for Philadelphia industrial space ended the fourth quarter 2014 with a decease in the vacancy rate to 8.1%, according to a new market trend report from the CoStar Group.
The Philly industrial space vacancy rate was down over the third quarter. Net absorption for the fourth quarter was positive 2,191,632 square feet of industrial space in Philadelphia, compared to positive 2,934,441 square feet in the previous quarter, CoStar’s Fourth Quarter 2014 Market Report noted. Vacant sublease space in the market for industrial space in Philly was up in the fourth quarter, closing out the quarter at 877,167 square feet, CoStar said.
Among tenants moving into large blocks of Philadelphia industrial space in 2014, CoStar reported, were: Wal-Mart Distribution, moving into 1,200,000 square feet of Philly industrial space at 2785 Commerce Center Boulevard; Ocean Spray, moving into 980,000 square feet of industrial space in Philadelphia at West Hills Business Center – Building A, and Kane Warehousing, Inc., moving into 955,935 square feet of industrial space in Philly at Distribution Center 6 in the Stauffer Industrial Park.
CoStar said rental rates for Philadelphia industrial space increased over the third quarter, ending the fourth quarter at $4.51.
The fourth quarter saw a total of three buildings delivered to the Philly industrial space market, totaling 327,200 square feet of industrial space in Philadelphia. There was another 16,734,334 square feet of industrial space in Philly under development at the end of the quarter.
In comparison to fourth quarter 2014 results in the Philadelphia industrial space market, the U.S. National Industrial vacancy rate declined to 7.2% in the fourth quarter, CoStar reported. Net absorption in the fourth quarter stood at positive 81.04 million square feet. Average rental rates for the national market rose to $5.50 in the fourth quarter, and 240 industrial buildings comprising nearly 41.8 million square feet delivered to the national market in the quarter, CoStar said.
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