The Philadelphia Industrial market ended the first quarter 2014 with a vacancy rate of 8.8%.
The vacancy rate was up over the previous quarter, with net absorption totaling negative 173,516 square feet in the first quarter. That compares to positive 5,032,863 square feet in the fourth quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 1,359,371 square feet.
Tenants moving into large blocks of space in 2014 include: Walmart Distribution moving into 1,200,000 square feet at 2785 Commerce Center Blvd, Amcor Rigid Plastics moving into 480,000 square feet at West Park Distribution Center, and Excel moving into 200,225 square feet at 101 Commerce Dr.
Rental rates ended the first quarter at $4.52, a decrease over the previous quarter.
A total of three buildings delivered to the market in the quarter totaling 214,056 square feet, with 9,801,800 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 7.8% from the previous quarter, with net absorption positive 46.96 million square feet in the first quarter. Average rental rates increased to $5.39, and 279 buildings delivered to the market totaling almost 27.8 million square feet.
www.omegare.com
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