Thursday, February 3, 2011

Market Trend: Philadelphia’s Retail Vacancy Decreases to 6.7%

"The Philadelphia retail market experienced a slight improvement in market conditions in the fourth quarter 2010.

The vacancy rate went from 7.0% in the previous quarter to 6.7% in the current quarter. Net absorption was positive 2,135,613 square feet, and vacant sublease space decreased by (68,232) square feet.

Quoted rental rates decreased from third quarter 2010 levels, ending at $14.28 per square foot per year.

A total of 20 retail buildings with 888,687 square feet of retail space were delivered to the market in the quarter, with 1,559,631 square feet still under construction at the end of the quarter."

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