Philadelphia Industrial Space Vacancy Rate Drops
The third quarter vacancy rate for industrial space in Philly was down from the 8.6% rate that stood at the end of both the first and second quarters 2014. CoStar’s Third Quarter 2014 Market Report said net absorption in the third quarter was positive 3,482,534 square feet of Philly industrial space, compared to positive 3,536,167 square feet in the second quarter. Vacant sublease space in the market for industrial space in Philadelphia was 942,647 square feet at quarter’s end, a decline over the second quarter, CoStar said.
Among the tenants moving into large blocks of Philly industrial space in the third quarter were: Wal-Mart Distribution, moving into 1,200,000 square feet of Philadelphia industrial space at 2785 Commerce Center Boulevard; Ocean Spray, moving into 980,000 square feet of industrial space in Philly at West Hills Business Center – Building A, and Kane Warehousing, Inc., moving into 955,935 square feet of industrial space in Philadelphia at Distribution Center 6 in the Stauffer Industrial Park.
Rental rates for industrial space in Philly were unchanged from the second quarter, holding at $4.49 at the end of the third quarter, the report said.
Four buildings delivered to the Philly industrial space market in the third quarter, adding 906,337 square feet of industrial space in Philadelphia to the market. Another 12,035,258 square feet of industrial space in Philly remained under construction at quarter’s end.
In comparison to the Philadelphia industrial space market, the U.S. National Industrial vacancy rate decreased, ending the quarter at 7.5% , the CoStar report noted. Net absorption was positive 64.71 million square feet. Average rental rates in the U.S. market rose to $5.47 in the third quarter. A total of 206 industrial buildings representing nearly 28.6 million square feet delivered to the U.S. market in the quarter, the report said.
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