Philadelphia Retail Space Vacancy Rate Remains Steady in First Quarter
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.
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