Monday, November 14, 2011

Philadelphia's Retail Vacancy Decreases to 6.5%

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

The vacancy rate went from 6.6% in the previous quarter to 6.5% in the current quarter. Net absorption was positive 959,662 square feet, and vacant sublease space increased by 44,932 square feet.

Tenants moving into large blocks of space in 2011 include: Walmart moving into 125,040 square feet at 2801-A East Market St; Target moving into 125,000 square feet at High Pointe Commons; and Nordstrom moving into 122,000 square feet at Christiana Mall.

Quoted rental rates decreased from second quarter 2011 levels, ending at $14.03 per square foot per year.

A total of 14 retail buildings with 406,855 square feet of retail space were delivered to the market in the quarter, with 1,853,865 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national retail vacancy rate, which decreased to 7% from the previous quarter, with net absorption positive 18.85 million square feet in the third quarter."
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