Vacancy Rate For Retail Space In Philadelphia Stable
The vacancy rate for Philly retail space stood 5.9% at quarter’s end, compared to a 6.0% Philadelphia retail space vacancy rate in the first quarter, CoStar said. The second quarter also saw net absorption at positive 551,992 square feet in the market for retail space in Philly, as compared to the first quarter’s positive 979,455 square feet. The Philadelphia retail space market also saw vacant sublease space decline by 20,121 square feet for the quarter, according to CoStar’s Second Quarter 2014 Market Report.
The second quarter 2014 was marked by several tenants moving into large blocks of retail space in Philadelphia, including: ShopRite, moving into 90,000 square feet of Philly retail space at 1817 Mount Holly Road; Giant Food, moving into 66,472 square feet of retail space in Philly at 852 East Main Street; and Acme, moving into 58,785 square feet of Philadelphia retail space at 21-31 West Ridge Pike.
Quoted rental rates for retail space in Philly rose from the first quarter levels, standing at $14.05 per square foot per year at the end of the second quarter, the report noted.
Eight retail buildings with 66,506 square feet of Philly retail space were delivered to the market in the second quarter, according to CoStar. An additional 203,783 square feet of Philadelphia retail space remained under construction at second quarter’s end, the report said.
In comparison, the U.S. National Retail vacancy rate dropped in the second quarter to 6.4%, while net absorption reached positive 23.39 million square feet, CoStar said. The national market also saw average rental rates increase to $14.81. CoStar said 522 buildings totaling more than 10.8 million square feet delivered to the retail market in the second quarter.
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