The Philly office space market saw seven new office buildings equaling 413,734 square feet deliver to the market for office space in Philly in the second quarter of 2014, according to a new CoStar Group market trend report. This compares to four office buildings that delivered to the Philadelphia office space in the first quarter, totaling 121,952 square feet, the report said.
CoStar’s Second Quarter 2014 Market Report also noted that an additional 2,116,720 square feet of office space in Philadelphia remained under construction at the end of second quarter 2014.
Among 2014’s significant deliveries of office space in Philly were: the 296,025-square-foot Two City Center that delivered in the second quarter and is now 40% occupied, and the 60,000-square-foot 1401 Roosevelt Avenue, which delivered in the first quarter and is fully occupied, CoStar reported.
Still under construction in the market for office space in Philadelphia at second quarter’s end were FMC Tower / Walnut Street Tower, an 830,000-square-foot facility with 68% of its space pre-leased and 3737 Market Street, a 340,000-square-foot project with 82% of its space pre-leased, the report stated.
At the end of the second quarter 2014, there was 401,999,668 square feet of total Philly office space inventory in 20,835 buildings, the market report noted. The Class-A office sector consisted of 955 facilities totaling 128,991,730 square feet of Philadelphia office space. Owner-occupied buildings in the market for office space in Philly comprised 35,997,940 square feet of office space in Philadelphia in 942 projects, CoStar said.
Compared to Philadelphia office space trends in the second quarter, 11.38 million square feet of construction in 217 new buildings was completed in the U.S. national office market in the same quarter, according to the CoStar report. Still underway at the end of the second quarter was another 101 million square feet of office space, the report stated. The 80,000-square-foot 3905 NW 107th Avenue delivered to the South Florida market in the quarter, while the 354,845-square-foot 520 Newport Center Drive was still under construction in the Orange County market. There was almost 10.42 billion square feet of total office inventory in more than 500,800 buildings at quarter’s end, of which 905 million square feet were in some 20,800 owner-occupied buildings, CoStar said.
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