Monday, February 27, 2012

Philadelphia's Industrial Vacancy Decreases to 9.1%

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

The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,586,424 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 2,925,157 square feet.

Tenants moving into large blocks of space in 2011 include: Philadelphia Regional Produce Center moving into 667,000 square feet at Philadelphia Regional Produce Market, 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 fourth quarter at $4.47, an increase over the previous quarter.

A total of four buildings delivered to the market in the quarter totaling 131,060 square feet, with 986,061 square feet still under construction at the end of the quarter.

This trend 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 fourth quarter."

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