Third Quarter Philly Retail Space Deliveries, Construction and Inventory
Five new Philadelphia retail buildings delivered to the market for retail space in Philly in the third quarter 2014, adding 80,793 square feet to the Philadelphia retail space market, a new market trend report from the CoStar Group says.
During the past four quarters, Philly retail space increased by 842,776 square feet, according to CoStar’s Third Quarter 2014 Market Report. In addition, 389,251 square feet of retail space in Philadelphia remained under construction at the end of the third quarter 2014, the report added.
Included in the notable deliveries of Philadelphia retail buildings this year were: 4300 Broadway, a 59,840-square-foot facility in the Philadelphia retail space market that delivered in third quarter 2014 and is now 100 percent occupied, and 332 South Broad Street, a 45,000-square-foot facility in the Philly retail space market that delivered in first quarter and is now fully occupied, CoStar said.
Total inventory of retail space in Philadelphia at the end of the third quarter equaled 500,055,236 square feet in 41,234 Philadelphia retail buildings and 2,554 centers, according to the report.
In comparison to trends in the Philly retail space market, the U.S. retail market grew by 13.91 million square feet in 542 new buildings in the third quarter. An additional 53.3 million square feet of retail space still was under construction at the end of the quarter, CoStar said.
Two significant retail buildings that delivered to the national market in the third quarter were a 58,200-square-foot facility at 837 Washington Street in the New York City market and the 148,000-square-foot Main Street N. Brunswick Costco in the Northern New Jersey market, the report noted. Total U.S. retail inventory at the end of the third quarter equaled more than 12.54 billion square feet in nearly 1.1 million retail buildings, including 97,500 shopping centers.
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