Philadelphia Office Space Vacancies Increase in First Quarter
The Philly office space vacancy rate was up over the fourth quarter 2014, with net absorption registering negative 386,143 square feet of office space in Philadelphia in the first quarter 2015, compared to positive 378,460 square feet of office space in Philly in the previous quarter, CoStar’s First Quarter 2015 Market Report said.
Vacant sublease space in the Philly office space market rose in the first quarter, closing the quarter at 1,306,325 square feet of office space in Philly, the market trend report said.
CoStar noted that among tenants that moved into large blocks of office space in Philadelphia in 2015 were: Incyte Corporation, moving into 191,056 square feet in the Philadelphia office space market at 1801 Augustine Cut Off; and National Penn Insurance Services, moving into 126,369 square feet of Philly office space at 645 West Hamilton Street.
Rental rates for office space in Philly closed the first quarter at $21.89, which represented an increase over the fourth quarter 2014, CoStar said.
The first quarter saw seven buildings deliver to the Philly office space market, the report said, adding 145,650 square feet of office space in Philadelphia to the market. At quarter’s end, another 2,602,750 square feet of Philadelphia office space was still under construction, CoStar reported.
In comparison, the national office market vacancy rate declined to 10.9% from the fourth quarter 2014, CoStar said. Net absorption stood at positive 15.4 million square feet in the first quarter, according to the report. Average rental rates nationally grew to $22.74 in the quarter and 244 new office buildings brought more than 16.5 million square feet to the market, CoStar said.
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