The Philly industrial space market saw the completion of eight Philadelphia industrial buildings in during the second quarter of 2014, bringing 3,127,992 square feet of Philadelphia industrial space to the market, according to a new CoStar report.
In comparison, the first quarter 2014 saw three Philly industrial buildings equaling 214,056 square feet completed in the Philadelphia industrial space market, said CoStar’s Second Quarter 2014 Market Report.
Among the second quarter’s most notable deliveries of Philadelphia industrial buildings were: 9645 West Hills Court, a 980,000-square-foot building, and 30 Martha Drive, a 906,919-square-foot facility building, the report stated. Both of these newest Philly industrial buildings are 100% occupied, CoStar said. An additional 8,276,767 square feet of industrial space in Philly was still under construction at quarter’s end the report noted.
Liberty at Shippensburg on Olde Scotland Road, a 1,700,000-square-foot project, and 3215 Commerce Center Drive, a 1,644,450-square-foot building, were the largest of the Philly industrial buildings remaining under construction at the end of the second quarter, according to the report. Both of these Philadelphia industrial buildings have 100% of their space pre-leased, CoStar said.
Total inventory of industrial space in Philadelphia reached 1,021,212,845 square feet in 20,149 Philadelphia industrial buildings by quarter’s end, the market report said. The Philadelphia flex space sector consisted of 84,692,787 square feet in 3,265 facilities, CoStar stated. Owner-occupied Philly industrial buildings in the Philadelphia industrial space market numbered 2,617, encompassing 239,826,483 square feet of industrial space in Philly.
Compared to the second quarter 2014 results from the market for industrial space in Philadelphia, the national industrial market saw 229 projects completed in the second quarter 2014, representing 28.56 million square feet, according to Costar. Another 119.7 million square feet of industrial space was still underway at quarter’s end. The 2.1 million-square-foot 4500 S. Dobson Road facility delivered in the Phoenix market in the second quarter 2014, while the 1.8 million-square-foot D1X Mod 2 project remained in progress in the Portland market. Total U.S. industrial inventory equaled 20.96 billion square feet in more than 618,000 buildings at the end of the second quarter. More than 69,000 of these were owner-occupied Philadelphia industrial buildings.
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