Philadelphia Industrial Space Deliveries, Construction and Inventory
The Philadelphia industrial space market grew by 327,200 square feet in the fourth quarter 2014 with the completion of three Philadelphia industrial buildings, a new market trend report from the CoStar Group says.
In comparison, four Philadelphia industrial buildings were delivered in the third quarter 2014, adding 906,337 square feet to the Philly industrial space market, according to CoStar’s Fourth Quarter 2014 Market Report.
Among the notable deliveries of Philly industrial buildings in the year 2014 were: West Hills Business Center – Building A, a 980,000-square-foot project that delivered in the second quarter and is fully occupied, and Berks Park 78 – Dollar General, a 906,919-square-foot facility that also delivered in second quarter 2014 and also is now 100% occupied, the report said.
Another 16,734,334 square feet of industrial space in Philadelphia was still under construction at the end of the fourth quarter, according to the report.
The largest of the Philadelphia industrial buildings still under construction at year end were Liberty at Shippensburg – Building B, a 1,700,000-square-foot facility with 100% of its space pre-leased, and Majestic Bethlehem Center – Site 2, a 1,644,450-square-foot project that also is fully pre-leased, CoStar said in the report.
Total inventory of industrial space in Philadelphia equaled 1,030,722,790 square feet in 20,377 Philly industrial buildings as the fourth quarter ended, CoStar noted. The Philadelphia flex space sector comprised 85,676,583 square feet in 3,312 projects and owner-occupied Philly industrial buildings totaled 2,650, accounting for 241,093,478 square feet of Philadelphia industrial space, the report said.
In comparison to fourth quarter results from the Philly industrial space market, 240 new industrial buildings were delivered to the national industrial market, representing 41.79 million square feet, Costar reported, adding that construction was underway on an additional 164.7 million square feet of industrial space at quarter’s end.
Among the significant deliveries to the national market in 2014, CoStar said, were: South Washington Park – Building 2, a 227,000-square-foot industrial project in the Northern New Jersey market, and 2150 Opdyke Road, a 168,000-square-foot facility in the Detroit industrial market. CoStar also noted that 3507 Pasadena Boulevard, a 600,000-square-foot facility in the Houston industrial market, remained under construction at the end of the quarter. Total U.S. industrial inventory at quarter and year end equaled nearly 21.15 billion square feet in more than 623,000 buildings, of which approximately 90,000 were flex buildings.
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