Tuesday, August 9, 2011

Market Trend: Philadelphia's Retail Vacancy Stays at 6.6%

"The Philadelphia retail market did not experience much change in market conditions in the second quarter 2011.

The vacancy rate went from 6.6% in the previous quarter to 6.6% in the current quarter. Net absorption was positive 454,522 square feet, and vacant sublease space increased by 171,109 square feet.

Tenants moving into large blocks of space in 2011 include: Walmart moving into 125,040 square feet at 2801 E Mark and Nordstrom moving into 122,000 square feet at Christiana Mall.

Quoted rental rates decreased from first quarter 2011 levels, ending at $14.11 per square foot per year.

A total of 15 retail buildings with 575,090 square feet of retail space were delivered to the market in the quarter, with 1,967,127 square feet still under construction at the end of the quarter.

This is compared to the U.S. national retail vacancy rate, which stayed steady at 7.1% from the previous quarter, with net absorption at postive 11.1 million square feet in the second quarter."


No comments:

Post a Comment

Note: Only a member of this blog may post a comment.