Tuesday, May 8, 2012

Philadelphia's Industrial Vacancy Decreases to 9.1%

The Philadelphia Industrial market ended the first quarter 2012 with a vacancy rate of 9.1%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 830,829 square feet in the first quarter. Vacant sublease space increased in the quarter, ending the quarter at 2,792,977 square feet.

Tenants moving into large blocks of space in 2012 include: Crossroad Beverages Group LLC moving into 324,132 square feet at 1055 Crossroads Blvd, R.C. Moore Inc. moving into 289,242 square feet at Pittston Distribution Center #1, and AmeriCold moving into 239,000 square feet at 3800 Hempland Rd.

Rental rates ended the first quarter at $4.49, an increase over the previous quarter.

A total of two buildings delivered to the market in the quarter totaling 169,562 square feet, with 4,662,661 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 9.3% from the previous quarter, with net absorption positive 30.71 million square feet in the first quarter.
Full report: http://omegare.com/Costar-1Q2012-Market-Report-Industrial.pdf

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