The Philadelphia industrial market ended the second quarter of 2017 with a vacancy rate of 5.9 percent.
The vacancy rate in the region’s commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – was up over the previous quarter, with net absorption totaling positive 1,782,519 square feet in the second quarter. That compares to positive 9,931,174 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 1,193,014 square feet.
The flex building segment of the Philadelphia commercial real estate market recorded net absorption of positive 428,315 square feet while the warehouse building market recorded net absorption of positive 1,354,204 square feet in the second quarter 2017.
This report on Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.
Tenants moving into large Philadelphia commercial real estate properties in 2017 include: Uline moving into 1,070,000 square feet at Liberty Business Center III – Building 1, Mattel moving into 1,002,000 square feet at 575 Old Forge Road, and PepsiCo moving into 502,754 square feet at 545 Oak Hill Road.
Rental rates among Philadelphia commercial real estate listings ended the second quarter at $4.84, a decrease over the previous quarter.
Fourteen buildings totaling 5,075,807 square feet were delivered to the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – in the quarter, with 15,226,755 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national industrial vacancy rate, which decreased to 5.1 percent from the previous quarter, with net absorption positive 71.76 million square feet in the second quarter. Average rental rates connected to Philadelphia commercial real estate listings increased to $6.22, and 537 industrial buildings delivered this quarter totaling more than 64.4 million square feet, with almost 272.4 million square feet still under construction.
For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.
Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm 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.
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