Philly Industrial Space Vacancy Rate Unchanged
The first quarter Philadelphia industrial space vacancy rate remained the same as the fourth quarter of 2014, CoStar said in its First Quarter 2015 Market Report. Net absorption totaled positive 2,325,770 square feet of industrial space in Philly in the first quarter, compared to positive 2,438,459 in the fourth quarter 2014, CoStar noted. Vacant sublease space in the Philadelphia industrial space market dropped in the first quarter, ending the quarter at 1,928.064 square feet, according to the report.
CoStar said tenants moving into large blocks of industrial space in Philadelphia in the first quarter of 2015 included Zulily, Inc. moving into 800,250 square feet of Philly industrial space at 10 Emery Street; Amazon.com moving into 700,000 square feet of industrial space in Philly at Ames Dr, and Jacobson Companies moving into 300,000 square feet of industrial space in Philadelphia at Harrisburg Distribution Center #4.
Rental rates for Philadelphia industrial space ended the first quarter at $4.47, a decrease over the last quarter of 2014, CoStar said.
A total of eight buildings representing 2,721,284 square feet of industrial space in Philly delivered to the market in the first quarter 2015, with 10,814,461 square feet of industrial space in Philadelphia still under construction by quarter’s end, the report noted.
In comparison to the first quarter 2015 results on the Philly industrial space market, the U.S. National Industrial vacancy rate dropped to 7% from the fourth quarter 2014, with net absorption totaling positive 49.59 million square feet in the first quarter, according to the report. CoStar also said that average rental rates for the national market reached $5.63 in the first quarter, and that 284 industrial buildings delivered to the national market, totaling nearly 37.5 million square feet.
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