Monday, August 22, 2011

Philadelphia's Industrial Vacancy Decreases to 9.1%

"The Philadelphia Industrial market ended the second quarter 2011 with a vacancy rate of 9.1%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,817,425 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 2,942,552 square feet.

Tenants moving into large blocks of space in 2011 include: Bay Valley Foods moving into 602,500 square feet at Key Distribution Center and Amazon moving into 483,200 square feet at 650 Boulder Dr.
Rental rates ended the second quarter at $4.41, a decrease over the previous quarter.

A total of two buildings delivered to the market in the quarter totaling 858,336 square feet, with 827,535 square feet still under construction at the end of the quarter.

This is compared to the U.S. national industrial vacancy rate, which decreased to 9.9% from the previous quarter, with net absorption positive 32.3 million square feet in the second quarter."

Full report at:

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