The vacancy rate for Philly office space was essentially unchanged from the rate reported in the second quarter 2014, according to the CoStar Group’s Third Quarter 2014 Market Report.
Net absorption was reported at positive 131,961 square feet of office space in Philly in 2014’s third quarter, CoStar noted. Comparatively, at the end of the second quarter, net absorption was positive 760,857 square feet of Philadelphia office space, the report said.
Vacant sublease space grew in the third quarter, closing at 1,388,566 square feet of office space in Philadelphia, CoStar said.
There have been several notable tenants that moved into large blocks of Philly office space in 2014, the report said. Among the tenants were: The Vanguard Group, moving into 204,000 square feet of office space in Philly at Great Valley Corp Center; The Harrisburg University of Science & Technology, taking 149,820 square feet of Philadelphia office space at Harrisburg University Academic Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of office space in Philadelphia at 1818 Beneficial Bank Place.
Philly office space rental rates ended the third quarter at $21.62, an increase over the second quarter, according to the market trend report.
The Philadelphia office space market saw two buildings with a combined total of 219,036 square feet of office space in Philly deliver to the Philly office space market in the third quarter, according to the report. There was an additional 3,506,297 square feet of office space in Philadelphia still under construction at the end of the third quarter, CoStar said.
In comparison, the vacancy rate for the national office market stood at 11.2% at the end of the quarter, a decrease from the previous quarter, the report said. Net absorption stood at positive 27.56 million square feet at third quarter’s end, CoStar noted. Average national rental rates rose to $22.38 at the end of the quarter and 233 buildings encompassing almost 13.2 million square feet were delivered to the national market by quarter’s end, according to the report.
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