Philly Retail Space Deliveries, Construction And Inventory
The Philly retail space market grew with the completion of eight Philadelphia retail buildings totaling 66,506 square feet of Philadelphia retail space, according to a new market trend report from the CoStar Group.
Total retail spacein Phillyincreased by 1,197,460 square feet in the immediate past four quarters, CoStar’s Second Quarter 2014 Market Report noted. At the end of the second quarter 2014, another 203,783 square feet of retail space in Philadelphia remained under construction, CoStar said.
Among the notable 2014 deliveries of Philadelphia retail buildings in the market for retail spacein Phillywere: 332 South Broad Street, a 45,000-square-foot Philadelphia retail space building that delivered in first quarter and is now 100 percent occupied, and 1900 North 9th Street, a 30,000-square-foot Philly retail spacebuilding that delivered in first quarter and is now 93% occupied, CoStar said.
Total Philadelphia retail space inventory was 498,222,528 square feet in 40,822 Philadelphia retail buildings and 2,549 centers at the end of the second quarter 2014, the report said.
In comparison to the trends in the Philly retail space market, the U.S. national retail market had 522 buildings totaling 10.83 million square feet deliver to the market in the second quarter 2014, CoStar said. An additional 50 million square feet of retail space remained under construction at the end of the quarter, the report added. Notable deliveries were a 152,000-square-foot Wal-Mart that delivered in the second quarter in the Minneapolis retail market, and a 155,361-square-foot retail building that delivered in the San Antonio market in the first quarter, CoStar noted. The U.S. market’s total retail inventory totaled more than 1.38 million buildings at the end of the second quarter, CoStar said.
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Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new retail spacein Phillywith 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 Philadelphia retail buildings 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.
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