Tuesday, January 31, 2012

Philadelphia's Retail Vacancy Decreases to 6.3%

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

The vacancy rate went from 6.4% in the previous quarter to 6.3% in the current quarter. Net absorption was positive 725,884 square feet, and vacant sublease space decreased by 366,346 square feet.

Tenants moving into large blocks of space in 2011 include: Target moving into 133,500 square feet at Shoppes at Kissel Village; and Burlington Coat Factory moving into 110,000 square feet at Whitman Plaza.

Quoted rental rates decreased from third quarter 2011 levels, ending at $13.96 per square foot per year.

A total of 12 retail buildings with 453,996 square feet of retail space were delivered to the market in the quarter, with 1,819,784 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 6.9% from the previous quarter, with net absorption positive 16.3 million square feet in the fourth quarter."

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