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Philadelphia Retail Space Vacancy Rate Remains Steady in First Quarter

research-information-graphic-phlVacancies in the Philadelphia retail space market were basically unchanged in the first quarter 2015, according to a new market analysis from the CoStar Group.

The market for retail space in Philly ended the first quarter of 2015 with a vacancy rate of 6.0%, up only slightly from 5.8% in the fourth quarter 2014, according to CoStar’s First Quarter 2015 Market Report.

Net absorption for retail space in Philadelphia stood at negative 637,609 square feet, while vacant sublease space in the Philly retail space market rose by 48,894 square feet, the market analysis said.  Net absorption in the fourth quarter 2014 was negative 62,004 square feet, CoStar said.

Tenants moving into large blocks of retail space in Philly in the 2015 were:  Under Armor, moving into 16,348 square feet of retail space in Philadelphia at 1529 Walnut Street; AutoZone, moving into 15,874 square feet of Philly retail space at 200 S Best Avenue; and La-Z-Boy Furniture, moving into 14,800 square feet of Philadelphia retail space at 101 Ironlake Boulevard, CoStar reported.

CoStar said quoted rental rates for retail space in Philadelphia declined in the quarter, reaching $13.88 per square foot per year at the end of the first quarter.

Nineteen retail buildings delivered to the Philly retail space market in 2015’s first three months, bringing 138,704 square feet of new Philadelphia retail space to the market, the report noted, adding that an additional 696,250 square feet of retail space in Philly was still being built at the end of the quarter.

In comparison, the U.S. National Retail vacancy rate declined to 6.0% and net absorption stood at positive 15.41 million square feet in the first quarter of 2015, CoStar said.  Average rental rates nationally were up to $14.96 in the quarter.  Nationally, 604 retail buildings delivered in the quarter, for a total of nearly 13.3 million square feet.

For more information about retail space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly retail 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking Philadelphia retail space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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